Against the backdrop of a large-scale crisis in the restaurant market, internal changes await one of the largest players - GK Shokoladnitsa. As it became known to Kommersant, the main business owners Alexander Kolobov and Siman Povarenkin decided to share the assets, which also include the Coffee House, Wabi Sabi, ArenaFoodsCatering company and partner points of KFC, Pizza Hut and Panda Express. The changes may negatively affect the pace of development of the group's own establishments.
A source in the market told about the intention of the main owners of the Shokoladnitsa Group of Companies Alexander Kolobov and Acmero Capital Siman Povarenkin to divide the assets of Kommersant. Two real estate consultants and an interlocutor of Kommersant who are familiar with the Shokoladnitsa business are also aware of this.
According to one of the sources, the section will take place in blocks. One will include the own establishments of the Shokoladnitsa, Coffee House and Wabi Sabi chains, while the other will include KFC, Pizza Hut and Panda Express outlets, which the group is developing under a franchise. The third block is the company ArenaFoodsCatering, which, in particular, was the organizers of catering in stadiums as part of the 2018 FIFA World Cup. It was not possible to contact Siman Povarenkin. Mr. Kolobov did not answer questions. Shokoladnitsa said they have no information about the relationship between shareholders.
According to the Cypriot register, one of the main companies "Shokoladnitsa" Kalazaco Ltd is 50.03% controlled by Sunshade Business, which is associated with Alexander Kolobov. Another 40% belongs to Acmero Ltd, about 10% is owned by Quortia Ltd of Neli and Leonid Levitin. Leonid Levitin (brother of the presidential aide Igor Levitin) received an offer to invest in Shokoladnitsa, RBC reported in February. Kommersant failed to contact Leonid and Nelia Levitin.
Acmero Capital acquired 40% of Shokoladnitsa in 2014. The previously merged networks "Shokoladnitsa" and "Coffee House" without taking into account the debt were then estimated at 7 billion rubles. According to one of Kommersant's sources, Siman Povarenkin acquired a stake in Shokoladnitsa at a very high estimate; since then, the restaurant group has greatly lost its value. The COVID-19 pandemic has only exacerbated the desire to divide assets, the source said. The general director of Infoline-Analytica Mikhail Burmistrov estimates the business of Shokoladnitsa, Coffee House and Wabi Sabi at least 4 billion rubles in February this year. Partner points and ArenaFoodsCatering, according to him, can jointly cost from 1 billion rubles. According to its own data, Shokoladnitsa includes more than 200 restaurants, and the group's revenue in 2019 was 18 billion rubles. without VAT.
Peregrine Capital Managing Director Dmitry Gabyshev says that when dividing assets, owners look at the shares in all projects. “Assets are assessed as separate businesses, then they are divided in a certain proportion, and either one of the parties contributes the missing money, or exchanges shares in other companies for the required amount,” he explains. According to Mr. Burmistrov, due to the shortage of working capital among restaurateurs in the current crisis situation, when dividing assets, one should expect a minimum monetary component, and investors can get a share through brands, lease agreements, etc.
Anna Rozhdestvenskaya, an expert at the Franshiza.ru portal, believes that the division of Shokoladnitsa's assets may negatively affect the rate of development of the group's own network within Moscow, but is unlikely to affect franchise outlets: “Structural changes in the work of partner restaurants, as a rule, require approval from the brand headquarters. " Mikhail Burmistrov notes that Shokoladnitsa, which has many properties in shopping centers, is in the most difficult situation during the current crisis. In his opinion, in the worst case, the network will lose more than 50% of establishments. Dmitry Gabyshev believes that the crisis in the restaurant market will lead to the strengthening of the most stable players, which may arouse investor interest in a number of companies operating there.