Croatian supermarket chain Tommy is to become a strategic investor in coffee, tea and snacks company Franck.
In the context of the financial restructuring of Franck, Tommy will boost the capital structure of the company and is already actively involved in a restructuring programme at the company, reported local daily Poslovni Dnevnik.
With this step, Franck is further strengthening its successful 25-year long business relationship with Tommy, the company said.
Operational Restructuring
Franck board member Ivan Artuković explained that this business arrangement is part of an intensive process of financial and operational restructuring at Franck, with the aim of stabilising the business.
According to Artuković, the company recorded excellent sales results in the first nine months of 2017, as well as growth in all categories and key markets. He added that the tie-up with Tommy will facilitate further growth in the region and will represent a stepping-stone to new markets.
Tommy is one of the top 10 grocery retailers in Croatia, with a strong presence in Dalmatia and Southern Croatia. Its annual turnover amounts to HRK 2.7 billion (€356.9 million) per year.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine
