Potato processor CêlaVíta's preliminary estate value after its bankruptcy in August is just under €570.000. This is offset by a debt of €19,1 million, according to the initial bankruptcy report.
The initial report from trustee Frans Aartsen shows that the bankrupt company's inventory and bank balances have a value of approximately €570.000. This is after deducting €55.000 in costs incurred since the bankruptcy.
On the other hand, 196 creditors were counted. They are still owed over €19,1 million. The report makes no mention of contracts that farmers had with the company.
The report also reveals that CêlaVíta had to pay €1,65 million in annual rent for buildings and land to real estate company PropVita. PropVita – also part of the investment company Nimbus – acquired the property for €1 through a division of operations following the acquisition of McCain's potato processor.
The value of the buildings is therefore not included in CêlaVíta's bankruptcy estate. The chosen structure has proven to be an insurmountable barrier to restarting operations after the bankruptcy. Landlord PropVita has now terminated the lease agreement effective November 22nd.
In the first half of 2025, CêlaVíta suffered a loss of €4,1 million. This is in addition to the loss of approximately €3,5 million in 2024. Revenue in the first six months of this year reached €28,6 million. The company employed an average of 180 people.
Loss-making for many years
CêlaVíta filed for bankruptcy itself, according to the bankruptcy trustee's report. The potato processing company's management argued that the company had been loss-making for many years. Furthermore, significant investments were made in product development in the past year, but it took a long time to attract new customers.
Expensive personnel (high labor costs, high absenteeism, and high wage demands) are cited as reasons for the company's lack of competitiveness. The factory also left much to be desired, as the processing lines were inefficient (and outdated). This poor competitive position resulted in declining retail sales in a market with overcapacity.
McCain Loan
The report further reveals that investor Nimbus did not need to go to the bank to finance the acquisition. The acquisition was partly financed by a €5 million loan from McCain Finance Europe and €4 million in working capital financing from McCain Foods Europe. In addition, equity financing was provided through a €3,5 million share premium contribution.
McCain did receive the first lien on inventory and supplies for the loan, as well as the lien on claims against third parties. The trustee has made agreements with McCain regarding the sale of the goods and supplies and the collection of claims against a fixed estate contribution.