Tower Investments' bad streak continues
Tower Investments has not been on a good streak lately. In July of this year, two applications for bankruptcy of the company were filed. They were filed by a creditor of Tower Investments' subsidiary – Tower Mehoffera sp. z o. o. – YIT Development. The applications indicated a debt due to this company in the amount of PLN 1,845,000 with interest.
Also in July, Polski Holding Rozwoju and Zremb-Chojnice withdrew from the signed letter of intent regarding the merger with Tower Investments and resigned from further cooperation.
Tower Investments is in financial trouble
In the fiscal year from January 1, 2023 to December 31, 2023, the company recorded PLN 15.48 million of consolidated net loss attributable to shareholders of the parent entity, compared to PLN 10.24 million of loss a year earlier.
In January this year, the Tower Investments board announced the commencement of a review of strategic options related to the future of the Tower Investments Capital Group. This was another action taken by the company after the sale of shares in the deli2.pl delicatessen.
On November 15 last year, the company concluded an agreement to sell all shares held in Deli2 SA, having previously (March 2023) suspended the operational activity of the Deli2.pl e-delicatessen. At that time, Tower Investments announced that work was underway to change the platform's technology and that a search was underway for a potential strategic investor.
The online delicatessen deli2.pl run by Deli2 SA, a subsidiary of Tower Investments, was launched on December 17, 2020. Initially, it covered only the Warsaw agglomeration and Łódź, and in October 2021, the company started nationwide mail delivery of products ordered on the deli2.pl platform.
In addition to the e-grocery segment, Tower Investments built commercial facilities, mainly for grocery chains.
