Olar Gofmann sells his loss-making restaurant business20.03.2012, 15:13
Estonian businessman Olar Gofmann, one of the biggest dividend-earners in 2011, and heirs of Heiti Allmäe have sold their loss-making restaurant and catering company A&G to Riho Mahlapuu, the company’s current CEO, for an non-disclosed amount, writes Äripäev.
A&G Toitlustus owns restaurants Karl Friedrich and Balthasar in Town Hall Square, Restaurant Paat in Viimsi and Postipoiss pub in Pärnu.
Mahlapuu says that he plans to make A&G Toitlustus that operates four restaurants in Tallinn a profitable business in four years.
“I have been managing this company a long time. There are difficult times and one can be successful only if one is focused, committed and motivated,” said Mahlapuu about the reasons why he acquired the company.
Mahlapuu did not wish to disclose his plans with the company. “I have a vision stretching over a number of years,” he said, adding that the company failed to make a profit last year and said that since some restaurants were closed some of the time, it is hard to compare revenue figures.
The company ended 2010 with a loss of 0.2 million euros at revenues of 2.1 million.