tag:blogger.com,1999:blog-25062519.post-58657911253104934902008-02-06T13:07:00.000+01:002008-02-06T13:17:00.461+01:00<img src="http://www.nanobryg.dk/weblog/billeder/logo_oelfabrikken.gif" align="right" />This is just in from ølfabrikken. Translated by yours truely. The original danish statement is in the comments to this post.<br /><hr /><br />Dear Shareholder,<br /><br />Enclosed is a detailed presentation of the case.<br /><br />The text below has been presented to the Dicretor of Gourmtbryggeriet , Tom Sans Kristensen and his corrections has been included. The correspondence regarding thins can be forwarded upon request.<br /><br />I tne fall of 2005 GB contacted us the first time with an offer to buy Ølfabrikken. We respectfully declined, because we had just finished an expansion of the brewery in Tisvildeleje.<br /><br />Rather quickly it became apparent that our capacity sill was too small. It was difficult to get a clear response from the Helsinge municipality whether we were allowed to further expand the brewery in order to comply with the ever increasing demand. In that context Martin and I began to look for a strong partner in the winther of 2007, that could help us to keep Ølfabrikken going.<br /><br />There were several bigger breweries that were interested in working with us. After quite some considerations we ended up with BG. A private limited company "Bryggeriet Ølfabrikken", owned 50/50 by the "old" Ølfabrikken and GB was created. The intent was to split the revenue equally between the two owners.<br /><br />The combination of the Ølfabrikken brand and the distribution of GB seemed to work well. A series of rather big orders was generated within a short period of time and a decent profit was within grasp. At this point GB begins to show interest in increasing their ownership in the new private limited company by buying the part that Martin and I represented. At that point he had a wish to leave the company.<br /><br />December 2007 we have a meeting where the sale is discussed. During the meeting we could not entirely agree upon some of the conditions of the purchase. GB then jubilantly states that: "We can just wait for your bankruptcy and buy the remains from the bank". Unfortunately that was a correct observation. Ølfabrikken was entirely dependant upon the income from the private limited company, which contained the brand and the customers. The private limited company had its production in the brewery in Roskilde, that is 100% controlled by GB, thus easily being able to cut off any income to Ølfabrikken until it was down on it's knees.<br /><br />However it is not until January 2008 that the full extent becomes apparent. GB does not only with to increase their ownership part, but want everything!<br />I try to introduce different semi desperate solutions, including 6 months of work, on my part, without pay and GB getting the lion's share without paying for it. In return GB had to leave some small part to the founders of the original company. There is no willingness to negotiate and I choose to resign.<br /><br />Subsequently BG has tried to defend themselvs in a series of staments by leaving the impression that they were a rescuing angel and in reality saved Ølfabrikken. That is not correct. In the spring, when we were looking for new partners, our operations generated profit. The dept in connection with funding of the company was comparable with other Danish breweries of the same size and age. Meanwhile we were in a lucrative situation with a internationally recognised microbrew brand and a loyal customer base.<br /><br />That said, we could easily have been in the same situation as we are now - there is always a risk in running a small business. Hovever it is 100% certain that we respectfully would have reclined GB's offer had we known their intention.<br /><br />Best wishes<br /><br />Christian Skovdal AndersenJDnoreply@blogger.com