• Recovery & Insolvency, Reorganisation, Restructuring & Insolvency

  • Food, Retail

  • 2020

Sawade Pralinenmanufaktur: Dr Oliver Damerius oversees Sawade restructure and finds new investor

Sawade is Berlin’s oldest praline manufacturer. This traditional company was founded on Unter den Linden in Berlin’s in 1880. In 2013, Sawade was taken over and modernized by the entrepreneurial couple Melanie and Benno Huebel. The company experienced a financial crisis when the closure of some branches and many specialist Sawade dealers throughout Germany during the Corona pandemic led to a sharp drop in sales during lockdown. As the company did not meet the formal requirement of having made a profit in the previous tax year, it did not qualify for Corona aid from the state. On top of this, the process of restructuring and the search for investors that had already been set in motion came to a halt. Dr Oliver Damerius and Dr Christoph Weber oversaw the self-administered insolvency proceedings that began in August 2020. An insolvency plan was approved at the beginning of 2021. As a result the company was saved, as were 85 jobs.