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Wrm accelerates its restructuring plan for Kipre (Principe and King's hams)

Advance payment to banks and commercial creditors

Kipre Holding SpA approved on May 10, 2021 the consolidated financial statements of the Kipre Group for the year 2020. The Group, with a turnover of 83.8 million Euros and a negative gross margin of over 30 million Euros, records a profit consolidated amount of 38.4 million euros thanks to an extraordinary positive result of 71 million euros. Consolidated shareholders' equity is equal to Euro 18.4 million. The 2020 budget reflects the long and troubled path that the Group has gone through and which has found a solution in the homologation by the Trieste court of a restructuring agreement pursuant to Article 182-bis last October and the consequent purchase by the Wrm Group.

"The Wrm Group today renews its commitment to the success of the Kipre Group by accelerating the deadlines of the restructuring plan through the advance payment of 22 million euros to the banking class, and to the participating commercial creditors for an amount of approximately 5 million euros", communicates a press release. Raffaele Mincione, principal of the Wrm Group, commented: “The next stages of the industrial development of the Kipre Group will pass through organic and inorganic growth, with some potential M&A transactions already identified”.

Kipre Group is one of the leading companies in the market of high quality PDO raw hams, active in Italy and abroad with the two brands Principe di San Daniele and King's, with 400,000 shares in the San Daniele ham consortium and 90,000 shares in the consortium of Parma ham. The operational activity is spread over production plants in 6 sites and 3 Italian regions, with 4 maturing plants, 1 industrial cured meats production plant, 1 dedicated plant for deboning and slicing, 11 slicing lines. To date, the group employs over 300 people.

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EFA News - European Food Agency