Tender Document – African Cuisine AB in bankruptcy

African Cuisine AB, 559380-1938, in bankruptcy

Background

On September 18, 2024, African Cuisine AB (“the company or AFRIKA Sthlm”), 559380-1938, was declared bankrupt by the Stockholm District Court, and attorney Nils Åberg of Carler Law Firm was appointed as the bankruptcy trustee.

The company has operated a bar and restaurant business under the name “AFRIKA Sthlm” and has offered African food, drink, and music culture in the New Slakthusområdet. The company fills a significant void in the Swedish restaurant and bar scene, where African restaurants are underrepresented. AFRIKA Sthlm offers food from three different African cultures under one roof. In addition to food, a wide selection of drinks and music from the continent is also offered. The premises also host recurring concerts, exhibitions, stand-up, and other events. See Appendix 1 for more information on what AFRIKA Sthlm has offered in its operations (the images in the appendix are not taken from AFRIKA Sthlm but largely reflect the restaurant’s environment). See Appendix 2 and Appendix 3 for photos from the restaurant.

The company has utilized the following website: https://afrikasthlm.se. Whether the company is the holder of the domain name Afrikasthlm.se is under investigation.

Operations began in January 2024. According to the company, the concept has been well received. However, the company has been underfunded and previously had deficient purchasing routines, which led to high costs. Sales and cost developments can be followed in Appendix 4.

The business has been conducted from leased premises in the New Slakthusområdet with the address Hallgränd 43, 121 62 Johanneshov. The company’s landlord, Atrium Ljungberg, has invested in the New Slakthusområdet to create a new meeting place for food, culture, and experiences in Stockholm. In addition to restaurants and bars, modern workplaces and residences are also emerging in the area with the aim of creating a unique and creative district in Stockholm. More information about the New Slakthusområdet is available at https://www.al.se/slakthusomradet.

At the time of the bankruptcy, the company’s operations were ongoing with several events planned and dinner reservations booked. The company had 34 employees at that time.

The business is still operating since the bankruptcy under the management of the bankruptcy estate.

The bankruptcy estate hereby invites tenders for the business and its assets.

The Business and Its Assets

The assets offered for sale by the bankruptcy estate are:

a) Equipment, etc., mainly listed in Appendix 5.

b) Intangible assets in the form of social media:

The Instagram account afrikasthlm,

The TikTok account afrikasthlm, and

The Facebook account Afrika Sthlm.

c) The right to enter into the company’s existing agreements, e.g., leasing and rental contracts (subject to the counterparty’s approval).

Reservations

The bankruptcy estate transfers all property in its current condition (“as-is”). It is the responsibility of a buyer to conduct the necessary inspection of the property to clarify, for example, the scope of the property and to detect any faults or deficiencies. The bankruptcy estate provides no guarantees regarding the accuracy and completeness of the information provided in this tender document or otherwise.

The bankruptcy estate provides no guarantees regarding the possibilities for a buyer to use or dispose of intellectual property rights. Use of transferred intellectual property rights is at the buyer’s risk.

An assumption of property covered by agreements regarding, for example, rent, leasing, or installment payments requires the approval of the counterparty in the respective agreement.

Conduct of the Bidding Process

Tenders are primarily accepted for the entire business and secondarily for parts of the business and its assets.

Written tenders, excluding VAT, regarding the business or parts of the business/assets, must be received by the bankruptcy administration via Ellen Berglund at [email protected], no later than October 7, 2024, at 12:00 PM. All bids must clearly state the bidder’s name and contact information.

The highest bid will be communicated to other bidders, who will then be given the opportunity to increase their bid within a short period determined by the bankruptcy estate. However, the bankruptcy estate will not disclose who has placed the bids.

The right to freely evaluate received bids is reserved, as is the right to sell all or part of the business while the tender process is ongoing, and the right to extend the tender period.

Inquiries regarding the business should be directed to Ellen Berglund, [email protected], 072 601 38 18.

Inquiries regarding the property in Appendix 1 should be directed to Pontus Bruno, [email protected], 070-555 92 62.

Carler Law Firm and the bankruptcy estate process the personal data used in this bankruptcy document. For more information about Carler Law Firm’s and the bankruptcy estate’s processing of personal data, please see our privacy policy on Carler Law Firm’s website, www.carler.se.

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