With Asesoft as main shareholder, Romanian retailer Flanco grows turnover by 50%

Romanian IT&C retailer Flanco posted a turnover of EUR 65 million in the first nine months of this year, up 50 percent on the same period of last year. It hopes to reach EUR 110 million in turnover at the end of this year. The company estimates it will post a profit of EUR 1 million. For 2012, its estimated turnover is of EUR 140 million.

The electroIT products market should reach EUR 1.1 billion in Romania this year, and EUR 1.25 billion next year, according to Flanco's estimations. On the long term, it could reach EUR 1.8 billion in 2014. Flanco runs 78 stores across Romania. The company is controlled by Asesoft Web, owned by Iulian Stanciu and Sebastian Ghita. Asesoft, which bought the retailer in September last year, said it would inject EUR 4 million into the retailer’s capital, while banks were to receive EUR 10 million within six months, according to Flanco’s reorganization plans. Bank ING, Unicredit and BRD-GSG are also among shareholders of the new Flanco structure, with 40 percent of the shares. Flanco has entered insolvency after accumulating debts to several banks and was looking for an investor to inject some cash into the company. Corina Saceanu, corina@romania-insider.com