Alno AG enters administration

Germany-based kitchen giant Alno AG has put itself into administration, according to a report on Reuters.

A spokesperson for Alno UK confirmed the news but assured dealers that this insolvency won’t affect the UK arm of the business.

Back in January, German newspaper Handelsblatt reported that the company had undergone a major restructure to “bring the company back on track” following losses in the first half of 2016.

It revealed that 350 jobs would be cut, with 250 of those being in Germany. Alno has 2,100 employees worldwide.

Alno was also looking for new investors to ease its long-term debt of around €180 million (£160m), with investor Tahoe, which is owned by Bosnian entrepreneur family Hastor, taking over the majority of the shares and installing a new finance board with Christian Brenner.

Alno’s announcement comes only four months after German kitchen brands Zeyko, Allmilmö, Nolff and Nieburg all filed for insolvency within days of each other. This raised concerns that more of the country’s suppliers could be facing financial difficulties.

Further details are expected from Alno UK later today.

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