Foodstuff, Latvia, Lithuania, Markets and Companies

International Internet Magazine. Baltic States news & analytics Friday, 10.07.2020, 19:21

Cilija Pizza closes all its pizzerias in Latvia

BC, Riga, 25.06.2020.Print version
All Cili Pica pizzerias operated by Cilija Pizza company that belongs to Lithuanian Cili Holdings have been closed in Latvia, while Cili Pica restaurants operated by franchise Tiamo Grupa are still working, Cilija Pizza representatives said LETA.

The Cilija Pizza representatives said that the restaurants operated by the company have been closed because the legal protection proceeding was closed in the middle of May.

According to information published by Tiamo Grupa, the company operates ten Cili Pica restaurants n Latvia - in Liepaja, Ogre, Jelgava, Valmiera, Daugavpils and Riga.

As reported. in the middle of May, Riga City Vidzeme District Court terminated the legal protection process of Cilija Pizza, the operator of Cili Pica pizzeria chain after a majority of the company's creditors refused to approve the plan for the legal protection process proposed by Cilija Pizza.

The legal protection process was started on February 7, 2020. At that time, Cilija Pizza was running a tax debt of EUR 268,860. The company was given two months to work out a plan for the legal protection process and agree it with the creditors, but later the deadline was extended to May 8.

In the meantime, the State Revenue Service blocked the company's bank accounts and decided to collect its debts.

The company's 2018 and 2019 results have not been published yet, but in 2017 Cilija Pizza generated EUR 6.924 mln in sales, down 3% y-o-y, while the company's loss rose 65.7% to EUR 163,220.

The company was registered in 2001, and has a share capital of EUR 1.428 mln. Its sole owner is Lithuanian-registered Cili Holdings, while the true owner is Lithuanian citizen Linas Tadas Karosas.

Tiamo Grupa is a catering company, running more than 20 restaurants and cafes in Latvia.

Tiamo Grupa was registered in 2003, and has a share capital of EUR 142,268. The company belongs to two individuals. In 2018 Tiamo Grupa posted EUR 7.918 mln in turnover and earned EUR 364,051 in profit.

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