Procures: “Dotting the i’s”
It has been
a tumultuous period for Free Record Shop, but finally there appears to be some
clarity about the future of the chain: the entertainment chain will be bought
by ProCures. It is just a matter of “crossing the t’s and dotting the i’s”.
The exact
details have not been made public yet, but according to Dutch paper De
Telegraaf there will be a coalition between ProCures, good for 75% of all
shares, and founder Hans Breukhoven, who will get 25%.
ProCures is
currently refusing to comment, but it is certain founder Hans Breukhoven will
play his part in the restart. According to the investment group he will not be
getting a role in the daily management of the company.
Free Record
Shop Belgium and Luxemburg completely saved
About
thirty to forty Dutch shops will remain open, while in Belgium all shops all
shops and personnel are saved. All shops in Luxembourg will also remain open. Further
plans for the future and possible restructurings will be made public on a later
date.
It is
somewhat surprising ProCures has managed to procure Free Record Shop, because
the CEO of the investment group, Paul Dumas, announced two weeks ago they had
withdrawn from the race. The curators had accused the investor of being
advantaged, because they had already bought the Belgian branch a week before
the bankruptcy.
ProCures
was eventually forced to hand the Belgian shops back to the curators, only to
get them back about a week later.
Competing
candidate: “Agreement on Tuesday”
The
negotiations about the takeover did not go smoothly, as is shown through the
statement of candidate buyer Martijn Rozenboom, who had made an offer on Free
Record Shop in name of a group of anonymous investors.
Rozenboom
claims he had an agreement with the curators past Tuesday and that the way
ProCures has obtained the company is not legal. He says he is planning on
filing a lawsuit against the curators.
The
curators of Free Record Shop deny in Dutch paper Het Financieele Dagblad that
there was an agreement on Tuesday. “There was an offer, but no agreement”, they
say.
