Warendorf saved from administration with sale to Hülsta

Premium kitchen manufacturer Warendorf has been saved from insolvency proceedings, having been sold to a company in the Hülsta Group.

05 Apr, 23

Premium kitchen manufacturer Warendorf has been saved from insolvency proceedings, having been sold to a company in the Hülsta Group.

Warendorf files for involvency

The terms of the sale are undisclosed but it has saved 80 jobs and the transaction is expected to be  completed by early to mid-April.

Warendorf is to remain independent within the Hülsta fold, with its managing director Daniel Griehl responsible for the strategic repositioning. Waldemar Bauer has also been appointed managing director.

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New Warendorf concepts, showcased last year, will now be further developed together with Hülsta.

Daniel Griehl commented: “We are pleased that we now have the solid basis and long-term focus needed to put our future strategy into action.

“Warendorf and Hülsta both possess expertise in high-class workmanship and high-quality furnishings.

“I feel confident that we can achieve a great deal together within this setup – for both brands.”

Under the investor plan, the new owners – the future Warendorf Werke GmbH and the future Warendorf Individual GmbH will keep more than 80 employees from the two insolvent companies.

However, based on a reconciliation of interests agreement, 10 jobs will be cut as the positions will no longer exist due to synergy effects.

Hülsta-Werke Hüls GmbH & Co. KG also finds itself in debtor-in-possession insolvency proceedings.

Warendorf will become a sister company to the Hülsta operating company under the Hülsta Group holding company, complementing its interiors offering with kitchens designed in-house.

Warendorf Küchenfabrik GmbH filed for insolvency last year and on November 30, 2022, the Local Court of Münster ordered provisional insolvency proceedings for the company.

In February 2023, insolvency proceedings were opened and Stefan Meyer from Pluta Rechtsanwalts GmbH was appointed insolvency administrator.

The company had to file for insolvency due to liquidity problems caused in particular by a massive slump in orders in China.

As a result, the insolvent company’s Chinese shareholder had pulled its financial support.

Warendorf Küchenfabrik GmbH had recorded annual sales of approximately €10 million euros in recent years, with a downward trend.

Sister company Warendorf Küchen Retails GmbH is also involved in insolvency proceedings.

Ria Brüninghoff, from Pluta, was appointed insolvency administrator in these proceedings in early February 2023.

She had previously been provisional administrator since December 8, 2022.

This company runs a factory studio in Warendorf as well as two kitchen studios for the Warendorf premium brand in Berlin and Düsseldorf.

Following the appointment of the insolvency administrators, the Pluta team stabilised the business operations of both companies and launched the search for an investor.

Pluta restructuring expert Stefan Meyer said, “Over the past four months, we have stabilised the business operations and taken all possible restructuring steps.

“The asset deal now signed within the context of a very substantively exciting project represents a successful transaction for us and secures Warendorf’s future.

“Many people played a part in this; in particular, I would like to thank the wonderful workforce, which has done a tremendous job in recent weeks.”

Ria Brüninghoff added, “We have held discussions with multiple investors in recent weeks. The investor solutions are the best possible outcome for all involved and may come as a bit of a surprise to some.

“I am pleased that we have been able to save so many jobs across both companies.”

The Pluta restructuring team was made up of insolvency administrators Stefan Meyer and Ria Brüninghoff as well as attorney Mr Christoph Chrobok and attorney and business management expert Nadja Neuber.