An investment round has been going on in the Manifesto for several months. How much do you want to choose and when will it be done?
The target is between eight and twelve million euros, ie around a quarter of a billion crowns. So far, it seems that the interest of investors is great. We will choose from about five or six candidates. We want to complete the investment round, which will help us expand abroad in particular, at the beginning of the fourth quarter.
Where are you going?
We focus on western Europe and the USA. We now have about ten cities in search, whose selection we want to narrow down to three to five. We would like to open our first companies abroad in 18 to 24 months.
What cities are involved?
We are considering, for example, Hamburg, Brussels, we are also thinking about the United Kingdom, and we also have three attractive areas in the United States.
Are you looking for other locations also in Prague, where you still have two branches?
The opening of the Anděl Manifesto, on the corner of Stroupežnický and Ostrovského streets, is approaching in Prague. We will welcome the first visitors on August 17 and it will be our third location in total. Now he focuses on abroad. However, I think that Prague would manage another Manifesto in the future. For a long time, I have been interested in the future of the Old Town Market, for which I have a vision of recovery and partners who are interested in applying for a transformation with us.
You have now received two million euros, approximately 50 million crowns, from the Orbit Capital fund. NWill this loan turn into a share in the future, as is often the case?
No, the loan is not set up this way. It is a so-called venture debt, where the development of a young company is financed by a purely loan.
This type of financing is used in almost advanced, but still loss-making companies. Is this also the case with the Manifesto?
No, we’re already in the black.
Did you make money in last year’s pandemic?
Of course, sales fell last year, by about a fifth year on year, but profits nevertheless increased. We took some operational measures and expanded the business model, thanks to which the decline in sales did not have such an effect on us. We had to change the way we operated a lot and we started to provide a number of services and activities ourselves instead of outsourcing. At the same time, we kept the team. In addition, I consider it a great success that this year the sales are better than for the whole of last year and comparable to the period of the pre-pandemic year 2019.
What is the current ownership structure?
I still hold 80 percent and Rockaway 20 percent. I want to keep the majority after the next investment round.
Source: E15.cz by www.e15.cz.
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