Convendum Files for Corporate Restructuring to Ensure Long-Term Stability

Convendum Stockholm has today filed for corporate restructuring at Stockholm District Court to address the financial challenges that have resulted from sharp rent increases. The purpose of the measure is to secure the future of the business and build a more stable financial foundation.

Rent Increases a Decisive Factor

– The sharp rent increases have created an unsustainable situation for us and many others in the industry. Through the reconstruction, we can secure the business and create a long-term sustainable economy., says Håkan Jeppsson, CEO of Convendum.

Despite the reconstruction, Convendums customers will not be affected. All agreements will apply as usual, and the company's coworking and office spaces will continue to be fully available without interruption.

Convendum's Strong Business Model and Market Position

Convendum has a stable business model and a significant role in the office market, with over 1,000 corporate customers and a turnover exceeding half a billion kronor. The company offers flexible and modern office solutions that include coworking, small and large offices, lounges and conference rooms, making them a valued player in the industry.

Since 2021, Convendum has followed an ambitious expansion plan, which has led to a doubling of both leasable area and revenues. Despite this growth, rent increases of 18.1 percent over the past two years have pushed margins from 15 percent to negative levels. The company has been able to meet its financial obligations until now, but risks losing this ability soon.

Focus on Negotiations and Sustainable Growth

– We aim not only to overcome this difficult period but to strengthen our position and become more competitive. It is crucial to reduce the unreasonable rental levels while increasing sales. We look forward to a constructive dialogue with our landlords to ensure long-term sustainability, says Jeppsson.

The company has already taken several measures, including receiving financial support from the parent company to strengthen liquidity and implementing cost efficiencies. Convendum has no tax liabilities and is actively working to stabilize its operations.

The Reconstructor's View of the Future of Convendum

Jakob Callmander, proposed receiver from Advokatfirman Fylgia, is positive about Convendum's future prospects:

– Convendum has a strong position and a well-known brand in the office industry. With the right measures and a clear plan, I see great potential for the company to stabilize its operations and continue to be a leading player in the market..

Through these strategic steps, Convendum aims to secure its long-term future, strengthen its competitiveness and continue to offer flexible, high-quality office solutions to both existing and new customers.