Catalan furniture manufacturer Hannun buys a company in Osona for one euro.
The company has committed to injecting €80,000 into Qhans Design in the form of a participating loan.
BarcelonaThe artisanal furniture manufacturer Hannun has closed a purchase transaction for just one euro. This is the cost of acquiring the entire Osona company Qhans Design, which also manufactures furniture and is based in Sant Miquel de Balenyà, Osona, and is in a difficult financial situation, which has allowed Hannun to take it over at a ridiculously low price as part of its inorganic growth strategy.
However, the acquiring company has agreed to inject €80,000 into Qhans Design in the form of a participating loan, with the aim of meeting the company's working capital and production resource financing needs so it can expand its business, Hannun reported in a statement sent to BME Grow.
"Hannun expects the acquisition to provide significant operational synergies and result in a greater degree of vertical integration of its business, as well as commercial and logistical synergies," the company stated in this statement. The partner and sole administrator of Qhans Design has agreed to provide his management services for the successful operation of the business for at least three years, on a full-time and exclusive basis.
In Hannun's last fiscal year, which ended June 30, the company recorded a turnover of €448,000 and a gross operating profit (EBITDA) of €332.
