DiverXo and the rest of the brands commanded by the award-winning chef Dabiz Muñoz experienced a fateful 2020. Pig Wings, the company that groups all of Muñoz’s restaurant business, obtained losses of 3.9 million euros in 2020, according to its latest annual accounts. The closure of restaurants due to the pandemic and the liquidation of the British business have been a drag on the figures.
The company was forced to make a provision of 5.24 million euros as a result of the closure of StreerXo LTD, its company in the United Kingdom, which went into liquidation that year. The bulky losses have caused the company to enter a negative net worth of 2.92 million.
The company has not obtained income this year as it has not received dividends from its investees. And in 2020 he practically completely consumed the 2 million boxes he had until then. The debt, for its part, was reduced by half, to 1.66 million, which corresponds to a loan with BBVA that expires in June 2025.
This situation has caused a warning from the auditor, Morrison ACPM. He warns that the “material uncertainty” of the company and that the extraordinary regulations deployed by the Government due to Covid-19 have prevented it from entering cause for dissolution.
In addition to the company in the United Kingdom, Pig Wings includes two other firms. They are Hungry Arms and Duke Roads. The latter encompasses both the DiverXo restaurant, with three Michelin stars, as well as StreeXo, the fast food model located in El Corte Inglés de Serrano. This firm registered in 2020 with a profit of 300,000 euros and revenues of 7.4 million, compared to the 540,000 euros and 9.27 million that it obtained in 2019.
Despite the closure of the two establishments for months due to Covid, the company has managed to open a new business. This is Goxo, a service of deliverywhich began in Madrid and has since spread to Barcelona.
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