Dutch greenhouse supplier Codema Systems Group bv has been declared bankrupt by the Rotterdam District Court.
The company, which employed 140 staff was adversely affected by the Covid pandemic, with its turnover halving in 2020, when it recorded losses of €1.5 million. As well as the effects of the pandemic and travel restrictions, Codema cited setbacks in the key markets of China and Canada, and deteriorating market conditions in Europe due to uncertainties about high energy costs.
‘The management of Codema has recently explored many possibilities to continue the business activities and secure a healthy future for the company,’ the company said in a statement. ‘The trustee continues this process with the primary aim of continuing customer service and offering employees an attractive perspective. Several parties have expressed their interest in Codema’s business units.
‘Codema’s commercial and financial results have come under great pressure since 2020. The appointment of a new board of directors, improvement processes, and major changes to the operational management have only partly been able to reverse this development.’
One un-named spokesperson added that other businesses in the sector had also had to deal with these issues, but that, “in combination and in strength, [they] have created a unique situation for Codema.”
In 2018 Dutch private equity group Nordian Capital Partners invested in Codema, and there have been industry rumours about the many personnel changes the company has undergone since then. A new board of directors was appointed last year.