06-01-2016 / Press releases

Insolvency sweetened: Claims of many Sawade creditors fully met

Berlin chocolate manufacturer Sawade has increased turnover and number of employees by more than 50 percent since takeover in 2013 / Company founders seize on insolvency as an opportunity /

BERLIN, 1 JUNE 2016. Insolvency administrator Prof. Dr. Torsten Martini has a sweet surprise for many creditors of Berlin’s oldest chocolate manufacturer: Their claims will be met in full. Around three years after declaring insolvency, the creditors of the old Sawade Verwaltungsgesellschaft mbH and Sawade GmbH & Co. KG paid out an insolvency quota of 100 percent. The quota for creditors of other Sawade companies has not yet been determined. 


Since the takeover from insolvency, today’s Sawade GmbH has been able to increase sales by more than 50 percent and the number of employees from 40 to 65. A new online shop is due to open in summer and a flagship store in Berlin in autumn. 


The premium manufacturer of pralines, truffles and chocolate specialities filed for insolvency in July 2013. Insolvency administrator Prof. Martini was able to continue the company, which was founded in 1880, and to significantly increase sales. In November 2013, the newly founded Hübel Schokoladen GmbH finally took over the Sawade Group with 40 employees, its sales business, the company premises in Berlin-Reinickendorf, and the leasehold. Production in Berlin and the three branches in Charlottenburg, Wilmersdorf and Mariendorf was thereby maintained. The founding couple Hübel invested 500,000 euros in the expansion of the branch network, marketing and operations. Last year Sawade was able to collect a further 1.35 million euros for investment projects via crowdfunding. 


“As the company’s founder, the Sawade insolvency offered us a unique opportunity. Sawade has always been known for high quality pralines and truffles. This is why the company became a royal purveyor in the 19th century. We wanted to remain true to this quality, but redefine the brand core. Since the takeover, we have been able to increase both sales and the number of employees by over 50 percent. Today, Sawade positions itself in the confectionery market as a manufacturer of excellent products made from the best ingredients. For the new `World of Sawade´ we have developed high-quality packaging in the style of the golden twenties. In summer we will renew our online shop and in autumn we will open a flagship store in Berlin . We are also working on a shop-in-shop system and depots for our dealers,” explained Benno Hübel, Managing Director of Sawade GmbH. 


“The takeover of the confectionery manufacturer Sawade out of insolvency is a success story from the point of view of the founding couple Hübel. This shows that insolvencies can also offer opportunities for company founders. But we can also fully satisfy many creditors and settle in full their claims in the insolvency table. This applies to the creditors of the former Sawade Verwaltungsgesellschaft mbH and Sawade GmbH & Co. KG. These companies, with liabilities of around one million euros, have significant real estate assets. Plants were also sold as part of the insolvency proceedings. In the proceedings of the other companies Confidessa GmbH and Chocoladenmanufaktur Alt-Berlin GmbH, with liabilities of around two million euros, the quotas cannot yet be predicted,” says insolvency administrator Prof. Dr. Torsten Martini from the Berlin law firm LEONHARDT RATTUNDE


Further information:

Prof. Dr. Torsten Martini, Managing Partner, Leonhardt

Rattunde, Kurfürstendamm 26 A, 10719 Berlin,

Tel. 030-8859030, Fax: 030-885903100,

berlin_at_leonhardt-rattunde.de

www.leonhardt-rattunde.de


Dr. Jochen Mignat, Dr. Mignat PR, Am Hexenpfad 11, 63450

Hanau, Tel. 06181-50791-22,j.mignat_at_mignat.de

LEONHARDT RATTUNDE is a leading law firm for insolvency law in Germany. In addition to insolvency administration, the firm also offers reorganisation consulting, litigation, contract law and notarial services in Berlin, Erfurt, Kiel and Cologne. The firm

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