Veganz Group’s Jan Bredack Steps Down As Ceo Of Loss-making Business

Facade of nan Veganz vegan supermarket/convenience store. Credit: carolvegan/Shutterstock.com.

Bredack will stay “closely associated” pinch Veganz Group arsenic nan Berlin-headquartered company’s largest shareholder.

He will now attraction connected indoor farming arsenic nan managing head of OrbiFarm, nan business Veganz Group sold for €30m ($34.6m) to an unidentified “third party” earlier this year, positive a profit share.

Veganz Group said successful May it was looking to restructure nan business into 5 business units nether nan brands Veganz, Mililk, Happy Cheeze, Peas connected Earth and Orbifarm. That was earlier nan vertical-farming business plus was sold.

Then successful July, Veganz Group revealed it was spinning off nan Mililk plant-based beverage drinks business arsenic portion of an effort to raise caller costs and successful “preparation for introduction of strategical investors”.

Tegtmeier’s profession history includes CFO of online supplements business nu3 Group and a committee personnel of OTI Greentech, a tech solutions provider.

He has besides “executed aggregate buy-and-build strategies crossed nan DACH region”, including M&A, according to nan filing.

Tegtmeier will thief steer Veganz Group into its “next maturation shape arsenic a scalable exertion company”.

Veganz Group’s shares traded small changed astatine €17.70 successful Frankfurt coming (5 August). They person climbed much than 20% of nan past 12 months.

Since founding Veganz Group successful 2011, Bredack has “transformed” nan business from a vegan supermarket concatenation to an “innovative shaper of plant-based foods pinch beardown maturation prospects”, nan filing read.

Reporting its 2024 results successful May, Veganz Group said income dropped 34% to €10.8m.

It added that nan DACH region, namely Germany, Austria and Switzerland, accounted for 95% of nan income full pinch Germany nan company’s largest marketplace astatine 81%.

Meanwhile, EBITDA losses for 2024 narrowed to €2.4m from €6.3m a twelvemonth earlier, and similarly, nan nett nonaccomplishment shrank to €4.8m from €9.5m.

Last month, Veganz Group announced it had raised €7.1m done a caller stock issue, which “significantly strengthened its equity base”.

A further superior raise via a backstage placement pinch strategical investors is planned, pinch nan shares connected connection to beryllium priced astatine €15 each.