BBQUE raised more than €600,000 in loans from the crowd for a new type of barbecue sauce. Now, the startup behind the sauce has filed for insolvency and is seeking investors. Meanwhile, operations continue.
Oliver Wildner and Michael Lubomirski wanted to create a Bavarian barbecue sauce with BBQUE. For this purpose, the founders asked for Kapilendo The crowd asked for a loan of €150,000 and received €623,700. The company promised Kapilendo's creditors a fixed interest rate of €8.251 million per year. Additionally, a one-time interest payment of up to €251 million after five years was agreed upon with the repayment of the loan.
“Unplanned higher investments required”
Despite the loan, the sauce manufacturers are in financial trouble: At the end of July, the company behind the product, Macandoo, filed for insolvency proceedings. Provisional insolvency administrator Karen Buve nevertheless sees good prospects for the company and, together with managing director Oliver Wildner, is searching for an investor.
“With the BBQ brand, Macandoo has created an interesting brand and excellent products that now rightly have a large fan base among barbecue enthusiasts,”
says the provisional insolvency administrator Karen Buve.
“However, the growth of the past few months and a change in production have required unplanned higher investments and incurred costs that could no longer be covered even by funds recently raised through the crowdfunding platform Kapilendo,”
said the Munich lawyer. The managing director Oliver Wildner says:
"The subsequent discussions with our investors ultimately failed due to a veto by the bank involved, so with a heavy heart we decided to file for insolvency in order to hopefully save our idea, the brand, and our great products."
