Riverrock-owned German kitchen manufacturer Neue Alno Gmbh has applied for preliminary insolvency proceedings under self-administration, which if granted, will enable the company's management to stay in charge of business activities under court supervision for up to three months while it seeks to find a restructuring solution.
In an announcement released on 2nd July, Neue Alno joint CEOs Jochen Braun, pictured left, and Michael Springer, right, said that: "Business operations continue and the management remains in office."
According to reports in the German press, the announcement states that Neue Alno intends to use the proceedings to reposition itself, emerge from them stronger, and continue the investor process that it initiated in April this year. It stated: "The aim of the procedure is to manoeouvre the company through the Corona crisis with the support of employees, customers and suppliers." The business is reported to currently employ around 230 staff at its Pfullendorf site.
The company was originally founded in 1927 when carpenter Albert Northdurft opened a wood-working workshop. Alno Mobelwerke Gmbh was created in 1958 when the business moved to Pfullendorf, then expanded into other European countries, and entered the UK market in 1974.
But the once thriving company's recent history has been troubled, and in 2017 Alno AG fell into administration after debts spiralled and it failed to secure a buyer. Following the acquisition of Alno assets by investment firm Riverrock, Neue Alno was formed in 2018, and efforts made to re-establish the brand. In 2020, sales were reported to have increased by 62%.
