Struggling food chain Exki raises 15m euros in bid to relaunch

Food chain Exki will raise 15 million euros of fresh capital from its shareholders in an attempt to return to long-term profitability. The deal sees the founder being bought out, after he stepped down as CEO last year.

Exki went through a difficult period during the pandemic and has continued to struggle in the years since, the company said in a press release on Thursday. Management first took action last year, when Stan Monheim succeeded founder Frédéric Rouvez as CEO in March.

According to Monheim, revised working methods, a better purchasing structure and a focus on core activities have enabled the company to achieve “a first turnaround”, regaining profitability and making “significant progress” in deleveraging. 

"I am convinced that Exki now has everything in place to achieve sustainable growth"

The chain is now setting its sights on growth, with shareholder Iris Belgium set to inject 15 million euros of fresh capital. As part of the deal, Iris Belgium acquires the holdings of Rouvez and the Dossche family to become the majority shareholder. Financial details have not been disclosed.

The capital increase will allow the company to invest in a relaunch, and to begin talks with the other financial partners about an “extensive shake-up”, which should eventually lead to the next phase of profitable growth, it said.

Solid foundation

“With the first tangible signs of our turnaround, this solid financial foundation, our new vision and the 100 per cent confidence and commitment of our shareholder, I am convinced that Exki now has everything in place to achieve sustainable growth,” Monheim said. 

Founded in 1999 by three friends, Exki opened its first branch in Brussels. It now has 77 restaurants in five European countries, including 38 in Belgium, with a focus on healthy fast food. 

 

A branch of Exki in Lyon, France © PHOTO JULIEN REYNAUD / APS-MEDIAS / ABACAPRESS.COM


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