VolWest Group, which owns a network of food “Our Land”, calculates the end of the year to attract at least $ 7 million by selling shares in the network, said yesterday in a group. “This is a minority stake that is up to 25%. However, we are ready to consider any proposals”, - explained CEO VolWest Group Igor Ferenc. The company notes that the market has stopped falling and is now a good time to resume the pace of development. At the expense of attracted investments, the company expects to open this year, about 20 retail stores and to increase the share of retail sales in the Western region from 3% to 10%. “The overall potential of retail in this region can be up to 7 billion UAH”, - the company says.

“Our Land”, which opened its first store in 2001, today unites 55 stores, 29 of them franchised. In 2009, net turnover amounted to USD 450 million (-4.9%). VolWest Group also owns distribution companies Smart Logistics, a company selling heat, refrigeration and air conditioning equipment “Tehnomodul Ultra and sports-entertainment complex” Adrenaline City “in Lutsk. The main owner VolWest Group is an entrepreneur Victor Korsak.

looking for customers “Our Land” won at the end of 2008. The proposal, which was received by potential investors, it was stated that on sale 63 stores (mostly in the format “at home”) in 19 areas of commercial area of 350 square meters. m to 1300 sq. M. Then, for the entire network retailer wanted $ 50 million just for the assignment of lease rights, plus the sale of certain points in their companies, “- said on condition of anonymity one of the market participants. He said the debt load VolWest Group at that time was about $ 20 million Network asked retailers “Eco” and “handicap”, as well as several overseas.

The company said that over the past year, despite the crisis, were able to improve the financial condition of the network. “We have reduced costs, shut down some unprofitable stores and reviewed plans for expansion, having decided to concentrate in the Western and Central regions of Ukraine, - said Ferenc .- The credit portfolio restructured network. According to research company GT Partners Ukraine, last year the network “Our Land” closed from 15 to 20 stores.

“For foreign investors in entering the new market it is important to immediately get a strong position in the region - said director of GT Partners Ukraine Igor of Google .- Before the crisis, the network was scattered all over Ukraine that with this number of stores increased logistics costs.” However, the Director of IR Citadel Capital Dmitry Simovonik noted that buying a minority stake now is not of interest to investors: “Portfolio investors are unable to take such risks. And the policy of the company are ready to buy a controlling stake or the entire asset in full.”

Gavrilyuk Veronica

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