Wolford AG is currently in the final phase of negotiations with the Blum Group on the sale and rental of the company property in Bregenz. The company plans to rent the space required for the headquarters, innovation and product development as well as production (“textile centre”) on a long-term basis. “We very much hope for a successful conclusion of the transaction, because this step is good for Wolford and for the Bregenz location,” emphasises Andrew Thorndike, CEO and COO.
The sale of the property will provide Wolford with fresh capital and is expected to repay all credit lines of the Austrian banking partners and the majority shareholder. In addition, Wolford will also have the financial resources to properly position the company for the future. For the employees, nothing will change as a result of this transaction, as the headquarters and the textile centre will remain on site.
The importance of Bregenz as a textile centre has also been emphasised by Wolford’s Supervisory Boardon on several occasions. The current sales negotiations were preceded by a bidding process lasting several months with several prospective buyers before Wolford entered into exclusive negotiations with the renowned furniture hardware manufacturer Blum. The background to the transaction is, among other things, the fact that many spaces in the building at the headquarters are unused and generate corresponding costs. This is another reason why a sale with simultaneous rental of the operational property is the best option for Wolford, and the management is currently working out precise plans for the use of spaces.
