Bankrupt Restaurant Digitization Company and Potential Continuation of Operations

Restaurant

The company that was supposed to digitize the restaurant industry is bankrupt. But there are some who may be interested in continuing the operation.

Andy Chen, CEO i Quickorder.
Magnus Peter Harnes

The matter is continuously updated….

According to an announcement in the Brønnøysund registers, the company Quickorder has announced a tender on Tuesday 25 July in Norway.

Quickorder is originally a Danish company, and the same was done in Denmark on 14 Julywhen Andy Chen resigned as managing director and Lars Fadum Haugstad as chairman.

The company that created a solution for taking payments through the mobile at restaurants experienced enormous growth during covid, and doubled its revenue from 13 million in 2019 to 24 million in 2020. Growth continued further in 2021 to 33.8 million kroner.

According to the Brønnøysund registers and the Central Business Register in Denmark, no accounts have been submitted for 2022.

Stakeholders already after the first day

Attorney Frode Finnøy has been appointed as trustee, and confirms to Shifter that they have received “indications that indicate that they can continue operations”.

–What does that mean?

— This means that we have received indications that they can continue operations, he says.

— Does that mean that someone can buy the estate?

— That means there are some stakeholders, without me being able to go into more detail, he says.

More Norwegian investors

The company has several Norwegian investors on the ownership side. In 2021, they will have raised NOK 27 million in a round where, among other things, the pension fund for dairy employees, MP Pensjon, contributed a sum.

Trond Riiber Knudsen and Simon Simonæs, CEO of the group which, among other things, is behind the Sumo restaurants and Los Tacos, will also be on the shareholder list.

Managing director Andy Chen has previously told Shifter that we have only seen the beginning of the digitization of the restaurant industry, which is a total market of three trillion euros, including sales from restaurants, bars and cafes.

–In the Nordics alone, the market is worth 30 billion euros, and where 90 percent of sales are analog and without data, Chen said, and announced that they would raise more money to realize their growth ambitions.

After repeated attempts, Shifter has been unsuccessful in reaching Andy Chen for comment.

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2023-07-28 00:40:01
#QuickOrder #bankruptcy