Bella Bulgaria Acquired the Greek CRETA FARMS
Bella Bulgaria acquired CRETA FARMS in competition with leaders in the food industry. According to the procedure in Greece the key company in the food sector in the country, which has entered a spiral of delayed payments and disagreements of the shareholders, was left in the hands of a five-judge panel, who had to choose a new business owner according to proposed recovery plans by potential buyers.
The court in the city of Rethymno unanimously chose the recovery plan proposed by the leader in the food sector Bella Bulgaria, which is an indicator of the high international recognition of the Bulgarian food industry. The recovery plan includes a 64% reduction in CRETA FARMS' debts.
'We are satisfied with the court decision. Our goal is to revive CRETA FARMS as a market leader in the near future. This is the largest investment in the food industry of a Bulgarian company outside Bulgaria,' commented with professional pride from Impala Invest Group, owner of Bella Bulgaria.
According to the recovery plan, CRETA FARMS revenues should increase from 46 million EUR for the first financial year up to 130 million EUR in the 11th financial year, an increase of 10.8% on an annual basis.
CRETA FARMS has two factories in Rethymno (Crete) and Krioneri (Athens), as well as three warehouses in Heraklion (Crete), Patras (Peloponnese) and Thessaloniki.
CRETA FARMS products are popular among consumers in Germany, USA, Great Britain, Australia. In Bulgaria, the meat delicacies of CRETA FARMS are offered under the brands OLIVIN, TOSTAKI and CRETA FARM.