2theloo’s toilet stores have suffered great losses in 2016, including its second founder, Almar Holtz, in October 2016. In 2014, the other founder, Eric Treurniet, had already died in an accident.
4.4 million euro
The company managed to increase its monthly turnover from 844,000 euro in January to 1.87 million euro in December, but its net losses still compounded to 4.4 million euro because of higher costs. 2theloo says it is not that unusual for an expanding company to suffer losses, but there has been turmoil in the managerial ranks as well.
Co-founder Almar Holtz left the company in October 2016 after a row with investment firm Avedon. “I left in October, that is all I have to say about that”, he told Dutch paper De Telegraaf. Every other person involved in the company’s foundation has left as well and CFO Ruud Bergervoet transferred to Holland Casino last month. He was 2theloo’s fourth CFO, which is remarkable seeing how young the company actually is.
Fragile relationship with Shell
It now also seems its relationship with Shell is becoming ever more fragile, despite its huge importance for 2theloo. 15.5 million of the 39.6 million visits 2theloo gets, come from locations in Shell gas stations. However, the gasoline giant wants to examine the exploitation options for its Benelux toilet operations, which could possible spell very bad news for 2theloo.
Kees-Jan Bus (CEO) and Tom Daniëls (CFO) now have to get the toilet company back on track and return it to profitability. They have succeeded in convincing the shareholders to provide additional funds, to enable further investments.
