Home / Business / Italian Investors to Invest GEL 40 Mln in the Retail Chain “Goodwill”

Italian Investors to Invest GEL 40 Mln in the Retail Chain “Goodwill”

The hypermarket chain “Goodwill” will repayits debts until November 30, in particular, GEL 8 million will be paid to  the largest lender – “TBC Bank”, and then funds will be invested to increase the company’s turnover. Only then the remaining debt will be repaid.

At the moment, the total debt of the hypermarketchain amounts to GEL 25 million, while the number of creditors reaches 600.

It is assumed that all debts will be paid by 2022.

The company is currently working on a 3-year development plan, which includes investing in the amount of  GEL 3.4 million, which will focus on sales growth, upgrading facilities, marketing, creation of public catering facilities, etc. Work on the detailed plan will be completed within a month.

Currently, 51% of the shares of “Goodwill” became the property of the Italian company “Milano Investment”,  in the near future it is planned to increase the share of investors up to 60%, and only then the sale will be stopped.

According to Director General of the network “Goodwill” Besik Jikurauli, the Italian company will attract investments from its own reserves.

A representative of the “Milano Investment”,  before deciding to purchase a trading network in Georgia, the overall situation in the country has been studied as well as the financial position of “Goodwill”.

“1 400 people are employed by  the  network, and in spite of the rehabilitation process, sales rose by 5% compared to last year. To date, we have invested GEL  4.8 million in the  company. Now a study of the working capital is being carried out as well as the evaluation of the level of required investment. All our investments that have already been made are aimed at the guaranteed fulfillment of obligations to ourpartners and customers, “- he says.

The Italian company believes that a competition in Georgia in the field of a large network trade is the same as throughout the world, but investors hope that the favorable economic growth will ensure a stable financial position of “Goodwill”.