Exki on the brink of bankruptcy

Brussels-based food chain Exki, which distinguishes itself for its healthier offerings, is on the verge of bankruptcy, according to chief executive Stan Monheim.

Monheim took over at the beginning of this year, Bruzz reports, inheriting financial difficulties said to have been dragging on since 2017.

With investments yet to yield new money in recent years, the company now faces a mountain of debt.

“We are in bad shape,” Monheim told La libre. “This company is on the verge of bankruptcy. It’s clear that something has to be done.”

The chain has suffered in recent years, with the closure of many unprofitable restaurants and the general hospitality crisis.

The financial year ended with a loss of €1.8 million, nevertheless an improvement on the €8.3 million loss in the previous year.

The company is currently negotiating a recapitalisation and wants to raise about €10 million from shareholders, the Ghent-based Dossche family and Iris Belgium, on top of the €5 million already injected into the business.

Monheim wants to initiate a turnaround, having already changed the board of directors and put an end to the installation of Exki vending machines in office buildings.

“We need to focus on our core business,” he said.

“There is demand for fast, healthy food. The travel retail franchises [in airports and stations] are doing well and margins and productivity are rising. So I see no reason why the capital round should not succeed.”

Founded in 1999, Exki now has around 80 restaurants, mainly in Belgium and France, some of which are wholly owned and others which are operated under franchise.