(Alliance News) - Portobello Spa announced Friday that the board has resolved to proceed with the request for the opening of the negotiated crisis settlement.

"Portobello has engaged in a constructive dialogue with leading financial institutions aimed also at exploring new opportunities for working capital support, support that would enable the company's purchasing capacity and turnover to be strengthened at a time of resuming growth," Portobello said.

In order to accelerate this negotiation, it was necessary for Portobello to take steps that would favor new lenders, which led the company to a positive assessment of the request received to take strategic action to accelerate the negotiation and the resulting economic and capital revitalization.

"The procedure, which is transitional and justified by a technical necessity, is solely aimed at creating a favorable environment for the ongoing negotiations and accelerating business development in the short and medium term, while maximizing the benefits from the recent and successful capital increases. In fact, the company records a recovery in volumes in 2024 in line with its growth plans and strategic goals."

In addition, the company has signed two partnerships: one with Aroma Caffè, which involves the consignment supply of Aroma Caffè products to the Portobello Group and the offer to the public of 15 types of capsules and pods compatible with the Nespresso, Dolcegusto and Lavazza circuits; and one with Mediashopping, a historic telesales and e-commerce brand, by Portobello, to exploit it on all channels.

Portobello's stock closed Friday at parity at EUR7.00 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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