The entertainment chain Free Record Shop is making a restart with investment group ProCures. Earlier the group had declared it was no longer interested. The deal is not completely done though: one candidate buyer is filing a complaint with the court.
Procures: "Dotting the i's"
It has been a tumultuous period for Free Record Shop, but finally there appears to be some clarity about the future of the chain: the entertainment chain will be bought by ProCures. It is just a matter of “crossing the t’s and dotting the i’s”.
The exact details have not been made public yet, but according to Dutch paper De Telegraaf there will be a coalition between ProCures, good for 75% of all shares, and founder Hans Breukhoven, who will get 25%.
ProCures is currently refusing to comment, but it is certain founder Hans Breukhoven will play his part in the restart. According to the investment group he will not be getting a role in the daily management of the company.
Free Record Shop Belgium and Luxemburg completely saved
About thirty to forty Dutch shops will remain open, while in Belgium all shops all shops and personnel are saved. All shops in Luxembourg will also remain open. Further plans for the future and possible restructurings will be made public on a later date.
It is somewhat surprising ProCures has managed to procure Free Record Shop, because the CEO of the investment group, Paul Dumas, announced two weeks ago they had withdrawn from the race. The curators had accused the investor of being advantaged, because they had already bought the Belgian branch a week before the bankruptcy.
ProCures was eventually forced to hand the Belgian shops back to the curators, only to get them back about a week later.
Competing candidate: “Agreement on Tuesday”
The negotiations about the takeover did not go smoothly, as is shown through the statement of candidate buyer Martijn Rozenboom, who had made an offer on Free Record Shop in name of a group of anonymous investors.
Rozenboom claims he had an agreement with the curators past Tuesday and that the way ProCures has obtained the company is not legal. He says he is planning on filing a lawsuit against the curators.
The curators of Free Record Shop deny in Dutch paper Het Financieele Dagblad that there was an agreement on Tuesday. “There was an offer, but no agreement”, they say.