Matthias Hofmann from the law firm Pohlmann Hofmann was appointed as preliminary insolvency administrator for Banovo. The background to the insolvency petition is failed shareholder negotiations about the company’s future financing. While individual shareholders were willing to continue financing Banovo, no consensus could be reached among the shareholders.
The startup, founded in 2015 by Mareike Wächter and Michael Dreimann, offers its customers a digital concept for bathroom renovation and refurbishment. Customers can purchase a complete bathroom renovation online, with planning and initial consultations also conducted digitally. According to the company, Banovo most recently employed 85 employees at five locations in Germany.
Broad investor search planned for Banovo
The preliminary insolvency administrator and his team are currently assessing the company and the status of ongoing bathroom renovation projects. Business partners of the company will be informed of the current situation in the very near term. Additionally, Hofmann has already made contact with several potential investors and is planning to launch a broad investor search shortly. He says:
„In the interest of the customers, the team, and the creditors and business partners of Banovo, we must try to exhaust all possibilities in the coming weeks to achieve the best result for all parties involved.”
For the approximately 85 employees, insolvency benefit pre-financing is currently being prepared:
„The salaries of employees are secured through insolvency benefits through April 2023 inclusive. Until then, we will work with joint efforts to find a solution for the company’s future.”
