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Monday 18.11.2019 | Name days: Doloresa, Aleksandrs

Kirsons company Lido demands legal protection

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The well-known entrepreneur Gunars Kirsons (Gunārs Ķirsons) catering company SIA Lido has applied to the Vidzeme Suburb Court of the City of Riga requesting to determine its legal protection, indicates the entry that was made in the Insolvency Register.

According to information available on the Latvia Courts Portal website, after Lido had submitted the application, the case was brought to action on September 16. For the time being, the Judge Ina Baiko has not set the trial date yet, reports LETA. data show that the company SIA Lido, which is entirely owned by Kirsons, and was registered in 1991, has recently changed its legal address – from Lāčplēša Street 53, where the company’s office is still located, to Dzelzavas Street 120G, namely, to one of the Riga Industrial Park buildings.

Last year, the enterprise operated with 18.2 million lats turnover and 603 342 lats loss. A year ago, Lido turned 25.4 million lats, while its losses amounted to 1.73 million lats. In 2007, the company’s turnover was 24.2 million lats, but losses – 0.9 million lats.

TV3 broadcast Nekā personīga already reported on May that Kirsons’ enterprises experienced serious financial difficulties and none of the Lido group companies could meet their credit obligations. Nekā personīga had got hold of a letter where the bank demands Kirsons to start negotiations on the credit restructuring.

At the present moment, restaurants, which historically are the top cash earners, experience operating losses, and are not even able to pay all taxes. Moreover, the Lido design factory has also reported significant losses, and the tourism and leisure complex has not recovered the investments, but only increased the credit commitments of Lido. The food production is the only one that operates with profit, reported the TV broadcast.

The bank requires greater control over Lido group companies in turn. If the bank finds any violations in conditions, it will exercise its rights to institute the sale of Lido group companies.

It was further on established at the Latvian Guarantee agency (LGA) that the institution is informed about the difficulties of enterprises that are owned by Kirsons. However, the notice to pay the bank the state-guaranteed 2.5 million lats was not received. In addition it was found out that LGA is optimistically disposed, yet, it will follow Kirsons negotiations with the bank.

The television company TV3 announced, yesterday, September 22, that an employee, who works at the Lido design factory, had received loans that were issued by Kirsons instead of salary. Kirsons provided a written explanation on the course of events, explaining that the Lido design factory is not doing well, yet he expressed hope that the orders will restart and the situation will improve. The owner of Lido also admitted that he has not paid official salaries to the employees, but it was due to the poor economic situation.

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