Days after filing for bankruptcy in Denmark, Crosseyes Aps founder Søren Møller has co-established a new Crosseyes business to focus on existing franchises in Denmark with potential expansion into Poland.
Optician has obtained documents relating to the establishment of the new entity, Crosseyes Group Aps, listed using the same business address as the original Crosseyes Aps business has filed for bankruptcy. It was founded on November 7 under the name CESM by ZASA Aps, a firm with interests primarily in real estate, with capital of 50,000 DKK.
Two days later, Søren Møller was appointed as chairman of CESM, before the company once again changed its name to Crosseyes Group Aps on November 14.
The creation of the new business casts doubts as to whether the UK franchisees who were involved in breach of contract litigation will be able to recover any costs. Accounts for Crosseyes Aps showed the company made a loss of 2.1m DKK in 2016. On the company’s 2016 balance sheet, cash and sellable assets were listed as zero.
In a report last week in Danish newspaper BT, Møller said: ‘Our goal and strategy has changed significantly. It will be a different business. In the future, we will largely focus on the operation of existing stores, where we will ensure profit. We still expect to open up new stores, but it will be in the existing markets and at a much calmer rate than previously.’
Møller went on to blame the company’s activity in the UK market as one of the main reasons for the decision to declare Crosseyes Aps as bankrupt. ‘We have decided to go out of the UK market, where we have had it hard, hard and hectic. We have been able to easily open stores in the UK but have trouble getting the business to work in the stores. Now we have realised that we could not get our bet in Britain where we would like.’
Møller has so far declined Optician’s requests for comment on the story.