Steinhoff subsidiaries relocate headquarters to the UK

06.08.2018 − 

The headquarters of the two Steinhoff Group companies Steinhoff Europe and Steinhoff Finance Holding, which were previously based in Brunn am Gebirge, Austria, will be relocated to the UK. According to a press release issued on Friday by Steinhoff International Holdings, the two subsidiaries will be located on the fifth floor of the Festival House on Jessop Avenue in Cheltenham from the time of announcement. The Steinhoff UK Group is already based there.

The Management Board of Steinhoff Europe AG currently consists of Theodore de Klerk and David Frauman. The Supervisory Board of the company comprises Louis du Preez (Chairman), Richard Heis (Deputy Chairman) and Philip Dieperink. The Board of Steinhoff Finance Holding consists of Louis du Preez and David Frauman. None of the Board members of either company is domiciled in Austria.

On July 20, the lock-up agreement between Steinhoff Europe and Steinhoff Finance Holding and Stripes US Holding and the creditors of the three companies came into force. The restructuring of the Steinhoff Group, which is expected to last for three years, is now to be initiated within the next three months.

So far, Steinhoff Europe AG and Steinhoff Finance Holding have raised funds for the Group's European and US activities. According to Steinhoff, they are heavily in debt. According to a company presentation on May 18, Steinhoff Finance Holding has debts of €2.681bn outstanding. Steinhoff Europe has liabilities of €4.909bn.

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