Repair for "TsentrObuv": will the new owner save the chain business

Businessman Dmitry Vernimont became the main shareholder of TsentrObuv, which is on the brink of bankruptcy.
Origin source
Other co-owners Sergei Lomakin and Artyom Khachatryan believes that the network business has suffered because of the actions of the previous owner.

One day in October 2015 co-owner of "TsentrObuv" Anatoly Gurevich collected network management and presented them with a new shareholder Dmitry Vernimonta, says a former employee of the company. "I think that he [Vernimont] instead of me," - said Gurevich.

Another source close friend Gourevitch explains that the businessman borrowed money from Vernimonta with the aim to improve things in the "TsentrObuv": who has been issued credit - at the very Gurevich, or some kind of network structure, RBC interviewee could not answer, but he is confident Gurevich had that personal obligations.

As a result, Vernimontu got all share Gurevich in "TsentrObuv" - 40.4%. Another 32.8% is owned by the former owners of "pennies" Sergey Lomakin and Artem Khachatryan, 16.3% - from co-founder "TsentrObuv" Dmitry Svetlov. A small proportion - 6.7% and 3.3% - Leonid pasta and Vladimir Left; 0.5% is on the balance sheet of the company (for more details see the structure of ownership. In the diagram).

Xachatryan knows Vernimont obtained the rights to the debt claim Gurevich. The appearance of a new shareholder is aware lighter. Gurevich refused to talk with RBC correspondent. Get comment from Vernimonta failed - the representatives of "TsentrObuv" do not provide the contacts and not to transmit a request.

According to a source close to the Lomakin and Khachatryan, they learned about the change of majority owner is much later than the other, and "it shocked them." In 2009, they became co-owners of "TsentrObuv" at the request of Gurevich and Svetlov and for a long time, almost did not interfere in the work of the network: it regularly pays dividends to 2012 and to 2014 was profitable (see chart.). But over the past two years "TsentrObuv" sharply passed market positions, lost profits and damage relations with the banks. According to a source close to the management of the network, and Lomakin Khachatryan tried to gain access to the management of "TsentrObuv" conflict with Gurevich and Svetlov, but the situation only worsened.

On September 6 the Arbitration Court of Moscow is scheduled for consideration cases of bankruptcy at the request of the network dvuh creditors (now "TsentrObuv" put up).

In addition, the Central Investigation Department Ministry of Internal Affairs in Moscow suspected of asset stripping "TsentrObuv" and on May 25 filed against unidentified persons criminal case under st.159.4 Criminal Code (fraud). Instituting proceedings was preceded by checks carried out after the application of one of the largest creditors' TsentrObuv "- Gazprombank.

Whether shareholders can "TsentrObuv" to end the conflict and save the business?


Group of companies "TsentrObuv", the largest in its segment both in the number of stores and revenue, was created in 1992. Develops two networks - discounters "TsentrObuv" youth and shops Centro.

The main share of goods (80%) company orders to factories in China, and 20% of orders are placed in Russia. According to the «InfoLine-analysts' revenue in 2015 amounted to 28.2 billion rubles, while the number of stores -. 748.

Investors from the "nickels"

After the sale of "penny" in 2007 (see. Certificate) Lomakin Khachatryan and looking for new projects for investment. Eventually$ 35 million from the resulting double more than $ 240 million they gave for 32.8% "TsentrObuv".

"We knew Gurevich and Svetlov, periodically exchanged information on market conditions, the introduction of technology, sometimes even people migrated between the two companies" - says Khachatryan the beginning of cooperation. Money invested so much that "TsentrObuv" was "tired to open new stores," Lomakin quoted in 2009, the newspaper "Kommersant".

On the money "TsentrObuv" launched another chain of stores - youth Centro. It was simple: at the time, "TsentrObuv" uniting already own and 310 franchise stores, in fact, competed only with market stalls.

According to Khachatryan, the founders of "TsentrObuv" wanted new partners to help them with financing for development and strategy, but without dipping into operational business. They Lomakin, said Khachatryan, "discovered a large scope of work procurement, category management, new headings," participated in the development program of opening new stores.
Lomakin and Khachatryan were only advisory boards, that is, met informally with other shareholders. But they had their representative in the Board of Directors' TsentrObuv ": voices in it were distributed in proportion to the owners. According to the shareholder agreement, certain decisions, including the change of director general, could be taken at least 75% of the vote. Basically, all relied on the general director Andrey Nesterov, who worked in the "TsentrObuv" almost from its inception.

Pour in the business means given effect, says Khachatryan: in 2011, the network brings together already twice stores - 746 points to work from the European Union border to the border with Japan. In the autumn of the same year, the network owners are preparing an IPO on the London and Hong Kong stock exchanges, planned to sell the paper as the shareholders and new shares, the minimum amount of accommodation needed to reach $ 500 million.

But later, due to the fact that there was a unanimous decision to hold a public offering to shareholders, preparation has been suspended. "Before 2013 it was necessary to sell a stake to the investor to cover the debt, but PeSART and it seemed that it would be forever. Therefore, all the shareholders among themselves and agree nor about going public, nor on possible transactions with the funds ", - he explains the familiar Gurevich and Svetlov.

In 2011, "TsentrObuv" hit the rating of the most fast-growing Russian retailers compiled "InfoLine-Analytics". net sales rose 58.4%, to 29.3 billion rubles, compared with -. Adidas in the year bailed 27.4 billion rubles in Russia. Also, "TsentrObuv" for the year was able to increase selling space by 49.3% to 227 thousand sq. M. m.

At the end of 2011, the company distributed a dividend of about $ 90 million. And Nesterov for his success gave shareholders a share of 0.5%.

The known Lomakin and Khachatryan

In the early 1990s Sergei Lomakin and Artyom Khachatryan, Alexander Samonov distributes coffee, and in 1998 in the same part of a decision to invest in retail and founded one of the first Russian network discounters "Penny".

By 2007, "Kopeika" consisted of 330 stores with $ 980 million revenue. In the same year the partners sold their remaining 50%, "Kopeika" financial corporation "NIKOIL" NikoSingle Tsvetkova (later - "Uralsib"). In December 2010, the corporation resold "Penny" company X5 Retail Group (manages the network "Pyaterochka", "Crossroads," "Carousel").

Samonov RBC confirmed that the value of the transaction was in the range of $ 600 million to $ 700 million. By the time Khachatryan and Lomakin owned 10% "Kopeika", that is, only from the deal they could help out at $ 120-140 million.

After the sale of "penny" Lomakin and Khachatryan continued to invest in reteyl - mainly through Sun Investments Partners Fund (later renamed Retail Brands Collection). For example, in 2008, it was announced that they have acquired minority stakes in Modis network marketing "fashions its own brands at affordable prices."

Bonus to the General Director

At the beginning of 2012 the market broke new player - a network of shoe discounter Kari, created by the former owner "Eldorado" Igor Yakovlev. For over a year Kari Yakovlev opened 480 stores in Russia, Ukraine, Kazakhstan and Poland. "It's like comparing the Olympic champion of 2004 and" hungry, "the novice athlete on ajealousy in Rio de Janeiro. At the beginner another motivation, he is "hungry", and the leader might be too cocky, "- says Khachatryan.

Against the background of increasing competition between shareholders started the first quarrel. Lomakin wanted to be more involved in the management of the network, and Gurevich, fascinated by the talent "Star reteyla Russia" was ready to give him, says a source close to "TsentrObuv". Therefore, Nesterov was de facto moved from the post of director general of the position of CFO. "Nesterov did not agree with what makes Lomakin, and because shareholders refused to delve into his claims, he decided to leave the company", - says the interlocutor of RBC. When at the end of 2013, he left the company, he was paid a bonus of $ 5.6 million - the price of 0.5% recorded in 2011.

For qualitative leap shareholders decided to hire an Englishman Peter Ridler, previously led the company Monsoon Accessorize. But Ridler not worked for years and he was not ready to immerse themselves in a new business and he offered his own resignation. failed to communicate with the manager.
Although the networks themselves - and "TsentrObuv" and Centro - had its general director - Tomasz Marcin and Eugene Peshkun respectively, in 2014, the shareholders decided to divide up the different lines of business in order to better understand what is happening now. Lomakin was responsible for sales, Khachatryan - logistics, Svetlov - procurement and delivery of goods, Gurevich - finance, Left - security. This distribution is confirmed by Khachatryan, and light. Khachatryan says that they are parallel with Lomakin engaged in the development of their personal business projects, ie their work "TsentrObuv" more like coaching.

At that time, the network has had two major legal entity - JSC "Trade House" TsentrObuv "(trading statement) and" Center "(the importer of Chinese goods). Network leased premises for a period of 3-5 years, and the majority of lease was warehouse - St. Petersburg, Nizhny Novgorod, Rostov, Yekaterinburg and Novosibirsk. Only its own distribution center with an area of ​​50 thousand sq. M. m was purchased by the company in 2012. Also, the property istsya Moscow office "TsentrObuv" on the 2nd Hutorskoy. To work with key suppliers - Chinese factories (80% of purchases) - the company "Sinai" was established in Hong Kong.

When shareholders really plunged into administration, "out of the closet began to appear one after the skeletons," says Khachatryan. For example, it turned out that the purchase prices for Kari from some suppliers were 20% lower than for the "TsentrObuv". "But if the goods deferred payment is 180 days, the goods are naturally more expensive. It is normal to work with the imported goods "- the familiar objects Svetlov. Large delay the Chinese have provided many players, says CEO «InfoLine-Analysts' Mikhail Burmistrov, but often with Chinese suppliers have a situation where the company believes that buys goods directly, and actually draws a deal with the firm-intermediary - and an additional cost.

Source shareholders believes that "TsentrObuv" came to the crisis of 2014 mu in the "lax" state and heavily dependent on bank loans. The fall of the ruble, sanctions and Brokersyshenie Central Bank key rate a dramatic impact on the network, he said. On the one hand the retailer lost almost two foreign markets - Polish and Ukrainian. "Imagine, turn on the TV, and there - the military equipment on the background of our shop, everything is clear," - says the interlocutor of RBC. In 2014, sales of "TsentrObuv" in Ukraine fell by almost 42%, to $ 61.1 million, according to the network materials. In statements reported that the Polish division was sold to a third party, with her "TsentrObuv" continued to work on franchising. Incurred in these markets "TsentrObuv 'losses written off.
In the Russian market mainly selling "TsentrObuv" slipped to third. "The company could not service their debt because the interest on credits equaled lease payments", - said a source in top management "TsentrObuv". Retailer began to withhold payment to Chinese factories, and those in turn - reduce the terms of payment for goods: finally agreed on 90 days against the usual 180. "It was clear that, if things go on, the company will not be able to meet its obligationsm neither the banks nor to suppliers. And for her life the most important thing - continuously buy new goods and sell it, "- explains the source of RBC shareholders.

So much so that one of the batches of goods worth 500 million rubles. "TsentrObuv" failed to redeem yourself - the goods acquired themselves Khachatryan and Lomakin, said a source close to the company. Khachatryan is not commenting.

At the end of 2014 one of the partners' TsentrObuv "witnessed the unfolding drama: during the day were fired 60 people from the development department, who were involved in the selection of premises for the new stores. According to a source in the RBC management "TsentrObuv", in 2014 only about 400 people have been reduced.

Gurevich Nesterov decided to return to the engaged in debt restructuring, told Khachatryan and light. Available RBC has a copy of the employment contract Nesterov from April 1, 2015: agreement ensures that at its dissolution are not on their own employee the company will have to pay him $ 5 million.

The new owner

In April 2015 the first "CentrObuv "was to repay a loan of 3 billion rubles. to VTB Bank. Such funds the company had not, according to Khachatryan, Lomakin at the request of other shareholders was negotiating with the bank to extend the payment terms and agreed to the postponement. VTB spokesman declined to comment.

Send complaints from the owners of the premises Centro shops and "TsentrObuv": the network for several months did not pay the rent. Total for 2015, according to SPARK, the companies' TsentrObuv "477 lawsuits were filed totaling 5.9 billion rubles, and in 2016-m. - 232 more applications for 514 million rubles.

Bright and Gurevich were inclined to, to start bankruptcy proceedings, but this did not agree Lomakin and Khachatryan. To save the "TsentrObuv" Lomakin has proposed its own 8 billion rubles. and promised to negotiate with banks to restructure the debt on their own. It is time to order the autumn-winter collection of the goods in China worth 100 million rubles. As said a top manager "TsentrObuv", from June to August, the shareholders of the documents prepared under the deal and agreed that the first tranche of Lomakin arrive in September at a rate of 300 million rubles. But, according to RBC's source Lomakin broke his promise. However, other sources suggest that up Lomakin constantly heard rumors "about some new investors," and he did not want to risk money.

At that time, shareholders were so fragmented that have begun negotiations with new investors themselves. The company is interested President of concern "Rosenergomash" Vladimir Palikhata said Svetlov familiar and Gurevich. Palikhata offered 4 billion rubles. provided that part of the network Lomakin pay debt. In fact, from this moment the shareholders are divided between those who supported the new investor, and those who did not want such a partnership, says Khachatryan, as a result of the transaction never took place. Palikhata did not respond to a request to RBC.

Euromonitor International

Parallel Lomakin, according to Khachatryan, negotiated the deal with the Russian network of shoe Zenden, who was ready to make 3 billion rubles. Owner Zenden Andrey Pavlov confirmed that conducted due diligence, but did not comment on the amount of possible investment. The transaction did not take place, because, according to him, the company is too greate number of shareholders, who could not reach a unanimous verdict. "The company's problems can not be solved completely, the point of no return for the bailout was passed over for a long time", - says Pavlov.

In November 2015, according to Khachatryan, Gurevich, Vernimont Palikhata and met on behalf of the "TsentrObuv" with the creditors, in particular, with Gazprombank. Palikhata while saying that he was "just an observer." Khachatryan also insists that after the transfer of the share in Vernimontu Gurevich "TsentrObuv" was replaced by a board of directors, and now he has to Lomakin not have their representatives on the board. Also, without their consent, it took account transfer to another bank and the appointment of new CEO Leonid Venzhika which claims Khachatryan, a childhood friend Palikhata.

What is known about Dmitry Vernimonte

According to the magazine "Profil", Vernimont was born in 1963, graduated from the Russian Economic Academy named after Plekhanov and the Institute of Finance. From 1997 to 1999 he held the post of general director of the adviser in a subsidiary of "Gazprom" - "Gazkomplektimpex".

In 1999ode was appointed adviser to the Minister for Taxes and Duties Alexander Pochinok. As reported by the magazine, the responsibility Vernimonta included interaction with the enterprises of the fuel and energy complex on payments to the federal budget.

The SPARK system contains information about the full namesake Vernimonta, which owns 100% of the company "Evolution Music Production", whose main activity - publishing magazines and recordings.

While remaining major shareholders do not make any predictions about the company nor the future, nor of their further participation in it. "We work on the actual weather. On the banks of the connection is maintained continuously, but access to company information we have is actually in October 2015 ", - Khachatryan said. Lomakin only told RBC that the dialogue with banks to restructure loans continues.

Svetlov noted that everything that happens in the company occurs in agreement with its creditors, further comment, he refused.

Criminal case

In May, "TsentrObuv" office was held seizure of documents. MIA from April to verify the legitimacy of activityspine owners and management "TsentrObuv" Centro and at the request of one of the largest creditors - Gazprombank. The bank suspected a company in fictitious transactions and withdrawal of funds from the credit line granted in September 2013.

Available RBC was a copy of the resolution of the main investigation department of Interior Ministry in Moscow on 25 May 2016 that a criminal case on st.159.4 Criminal Code against unknown persons. The resolution states that companies "Trading house" TsentrObuv "and" center "bank opened two lines of credit with a limit of 8.6 billion rubles. By September 1, 2014 the companies 8.2 billion rubles were transferred.

But in the summer of 2014, as the Ministry of Internal Affairs has found out, some of the "center" of employees invested 4.3 billion rubles. LLC "Fullainvest" Company "Irma" and LLC "nobody." In addition, it is expressly prohibited by the loan agreement, the bank has not been notified of transactions. The investigation also said that until June 30, 2014 one of the management companies brought 400 million rubles.

Shareholders of the company does not comment on a criminal case. Gazprombank and management of economic securityfive anti-corruption Research Affairs did not provide comments.