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The start-up company has not received financial support during the corona pandemic due to a negative outcome in 2019. – We have really tried to avoid bankruptcy, says the chairman of the board.
THE CORON FRAMEWORK: The pandemic became too heavy for the restaurant chain to bear.
Dan P. Neegaard / Aftenposten
Published:
Vøyenenga Drift AS announced a strike on Monday, according to an announcement in Brønnøysund’s records. Last week, the company changed its name from El Camino.
The chairman of the board, Magnus Berner, confirms the bankruptcy in a press release sent to E24.
– The Covid-19 pandemic became too heavy to carry, writes Berner.
He further explains that the pandemic became more difficult because the company has not received financial support due to the negative results of last year.
The company’s after-tax earnings ended at minus NOK 14 million in 2019, according to accounts presented in October.
“Unfortunately, this affects many start-ups, where negative results are not uncommon in the early years,” continues Berner.
Read on E24 +
He sold an apartment and borrowed money from friends and family to save the nightclubs he owns.
Trying to ensure continuous operation
At the beginning of this month, 119 employees were registered employees of the company.
– There is an operation in progress today. We do our best to ensure continuous operation and save as many jobs as possible, housing manager Ellen Schult Ulriksen tells E24.
Ulriksen says they are looking for a buyer and that there is interest in the company.
– I have great faith that we will get a transfer of the business, says the housing manager.
Lasse Kjus by the owner
The four restaurants of the bankrupt chain are located in the center of Aker Brygge, Frogner, in Bogstadveien and Bjørvika.
Berner and his wife Lene Undheim Berner own more than 50 percent of the shares of El Camino through Arizona Holding. The second largest shareholder is the investor Lars Fredrik Windfeldt and the family, who in total own more than 24 percent of the shares.
Also on the owners’ side is former mountaineer Lasse Kjus, with 6.2 percent of the shares.
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120 employees. Five years of benefits. Now you don’t even get government-guaranteed loans.
– Believes that the company has the right to live in a normal world.
In the 2019 annual accounts, the company wrote that it had had a “significant impact” on the corona pandemic.
“Layoffs and rent reductions have helped stem the financial impact,” the company wrote.
The company stated at that time that March and April had a negative evolution, while in the summer months there had been a positive evolution.
– We have truly tried to avoid bankruptcy and we are incredibly proud of all of our fantastic employees who have done everything they can to save the company. Unfortunately, it did not last, writes Berner and continues:
– We believe that the company has the right to live in a normal world and we will do our best to start over.
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