EK/servicegroup acquires Euretco

EK/servicegroup acquires Euretco

German EK/servicegroup has acquired a 75 % stake in the Dutch retail service organization Euretco for an undisclosed sum. At the same time, the Dutch company announced its financial results, including a minor turnover drop.

4,100 retailers

EK/servicegroup wants to become Europe's largest retail service company and this move is meant to strengthen that ambition. Together, the companies have 4,100 independent retailers, which represent a 2.2 billion euro turnover. "With the majority stake in Euretco, we have created a retail service platform for independent entrepreneurs across several European countries, which will help us connect to the current and future trends in the international retail branch", chairman of EK/servicegroup's board Franz-Josef Hasebrink said.

 

"Within both retail service organizations, EK and Euretco, the independent entrepreneur's interests have played a central role and this vision and structure have brought us together. Two important groups with plenty of business sense will create a wonderful future on the European retail market and our collaboration will lead to lower costs, expanded branches, more knowledge and joined forces in several non-food retail branches", Euretco's chairman Harry Bruijniks added.

 

Turnover drop

The new owner will have its work cut out as Euretco's 2014 financial numbers show that the group's total turnover dropped from 922 to 904 million euro. However, its like-for-like turnover grew 0.1 % and its net profit even doubled from 1.3 to 2.8 million euro.

 

The Living branch dropped the most, from 347 to 318 million euro, but Fashion also suffered a turnover drop to 382 million euro. Sport managed to boost its turnover from 161 million euro to 169 million euro. Euretco believes the drops were only a minor glitch as a result of several entrepreneurs closing their business.

Questions or comments? Please feel free to contact the editors


American department store chains continue to struggle

11/08/2017

Several American department store chains continue to underperform. Both Macy’s and Kohl’s experienced turnover slumps compared to the previous year, even though they both managed to beat analysts’ expectations.

Record turnover for Henkel

10/08/2017

Henkel’s second quarter turnover reached a record number of nearly 5.1 billion euro, thanks to its laundry detergent company Sun’s acquisition. For the first time ever, its six-month turnover surpassed the 10 billion euro milestone.

Lion Capital once again wants to sell Hema

08/08/2017

Lion Capital has approached business bank Credit Suisse to look into “strategic options” for Hema, which basically means it has to find an interested buyer for the Dutch store chain.

British consumer spending continues to drop

07/08/2017

Consumer spending in the UK has dropped for the third straight month in July. It is the first time in four years that there was a three-month drop, with analysts pointing to the Brexit.

Over 100 startups at Shoptalk Europe

04/08/2017

(advertorial) Shoptalk Europe is the big, new event for retail and ecommerce innovation. It covers the transformational trends, technologies and business models reshaping how consumers discover, shop and buy in an age of digital disruption. 

Bic lowers full-year growth forecast

03/08/2017

French company Bic, known for its disposable lighters, ball-point pens and razor blades, has seen its sales stagnate over the past six months. The board has immediately lowered its full-year growth forecast.

Back to top