The owners of the restaurant chain are also joining the owner’s side in Eik.
Toralf Bølgen and Harald Berger sell the restaurant chain to Eik Servering. Now Bølgen and Berger join the owner side of Eik Serving. Neither party wants to state the purchase price, or what the restaurant chain is valued at.
– I feel I have got in the bag, bag, sack and net with this deal. We received a good price based on results before the corona, we increase profitability, I still decide on my own everyday life, and can focus on what I think is fun, says owner and general manager of Bølgen & Moi, Harald Berger to E24.
The chain that is now being acquired is in a hard-hit industry. However, both parties emphasize that the sale had little to do with the pandemic.
– For almost two years, we at Bølgen & Moi have worked with liquidity, layoffs, closure, opening and infection control. I started in the industry to develop concepts, meal experiences and to work with people. I get time for that again now, says Berger.
Eik Serving owns several locations in Oslo and Bergen, such as Opland Burger & Steak, Brød og Sirkus, and Sagene Lunsjbar. Bølgen & Moi has restaurants in Oslo, Stavanger, Bodø and Bergen.
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Continues in the executive chair
Bølgen and Berger make an exchange of shares for part of the purchase price, and thus enter the ownership side of Eik Servering. The latter continues as CEO of Bølgen & Moi.
He says that they were contacted by Eik regarding the sale, and took the chance.
– We think it sounded like a fantastic opportunity, and it also turned out to be.
Berger goes on to say that they will be just as much involved in Bølgen & Moi in the future, so it does not feel as if they are leaving the reins to someone.
– We only experience that we have strengthened the team and got a partner.
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Satisfied with the agreement
When asked why they chose to buy the restaurant chain, the general manager of Eik Servering, Erlend Karlseng, answers that Bølgen & Moi is a large and well-known brand, and that they also deliver a good product with “well-oiled machinery”.
Neither party wishes to comment on the specific purchase price or valuation.
– But it is a deal both parties are happy with, says Karlseng.
Eik Serving says their plan is to structure and professionalize the administrative part of the operation.
– When we go into the ownership side of new restaurants, we focus on the employees to do what they think is fun, and are good at. Then we can take care of the administrative and “boring” tasks. Not least, we want to be a secure employer for all employees, says Karlseng.
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Equity lost after the corona year
In 2019, the restaurant chain had revenues of NOK 114.3 million. In the corona year 2020, revenues ended up at NOK 46.6 million, the consolidated accounts show.
It also bears the mark of the operating result. In 2020, it ended at minus 4.8 million kroner, compared to minus 283,400 the year before.
Thus, the annual result in 2020 was also negative, ending at minus five million kroner. The year before, the result was NOK 1.8 million.
In the 2020 report, the board wrote that 2020 was a challenging year with a lot of unpredictability and the closure of restaurants due to the corona situation.
Bølgen & Moi AS, Bølgen & Moi Gimle AS, Bølgen & Moi Tjuvholmen AS and Bølgen & Moi Stavanger AS received cash support of NOK 2.78 million in 2020, figures from the Brønnøysund registers show.
They further wrote that through dialogue with farm owners and support schemes, they recovered through 2020 “in a fair way, taking the conditions into account”.
The board also wrote that they were not satisfied with the result in isolation, but that the pandemic had been satisfactorily taken into account.
In 2020, equity was also negative by NOK 1.7 million. The company then had no long-term debt, while short-term debt was stated at NOK 14 million.
The annual accounts for 2021 have not been published yet.