Igualada tannery emerges from administration
09/04/2015
According to media reports, Igualada-based Fontanellas y Martí, which went into administration in January 2014, has managed to agree a deal with creditors and will continue its activity. At the time of filing for bankruptcy protection, the company owed an estimated €25 million, mostly to financial institutions.
Poor results in 2013, when revenues fell year on year by more than 50%, forced the company into administration. Commentators have pointed to an ambitious attempt to set up a new tannery in Vietnam as being another important factor in the company’s difficulties.
Founded in 1954, Fontanellas y Martí specialises in high-end leather, mostly for footwear and leathergoods. Its fiftieth anniversary year will have been bitter-sweet as the company spent it in administration. However, it managed to keep trading and improved its results considerably with reports of revenues reaching €35 million, an increase of almost 35% compared to 2013.
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