What happens to Exki? The publication, at the end of October, of the annual report of the Belgian fast food brand arouses concern in more than one way. The financial year covering the period from February 1, 2023 to January 31, 2024 shows a turnover down 2%, to 30.16 million euros (compared to 30.78 million previously). The loss allocated to the last financial year amounts to 1.87 million euros, a heavy admission which however looks better than the 8.33 million losses recorded in 2022-2023.
In an article published on November 5 by The EchoStan Monheim did not mince his words on the state of Exki’s finances. The new CEO, who took over last March from one of the co-founders of the brand, does not spare his predecessor Frédéric Rouvez, although he is still a shareholder and director. “Exki is in a very bad situation,” introduces the new boss, a former franchisee of Exki and ex-manager of Autogrill. And to continue, still without filter: “She sinned through a lack of professionalism. Skills are not always used well. […] (The problems) were already present in 2017-2018 despite a positive EBITDA. In recent years, none of the investments made have brought in any money.”
10 million euros to restart the machine
Stan Monheim denounces in particular the closures of unprofitable restaurants, in particular some located on French territory; as well as the harmful consequences of the pandemic. It should be noted that the French subsidiary of Exki was temporarily placed in receivership in 2021, before rebounding at the cost of closures and new projects, particularly on the promising concept of the connected fridge.
He also goes on to point out a thorny lack of liquidity, since 69 million euros would have been lost between 2012 and 2023 according to him.
To put Exki back on track, Stan Monheim once again stated The Echonoted several changes: the products and the assortment of the menu have evolved, the data analysis has been systematized, the visual identity of the brand has been redesigned and the strategy of connected fridges has been put on hold. The CEO intends to reconnect with the fundamentals, prioritize the Belgian and French markets, while playing the “travel retail” card. As such, store openings are planned in several airports and train stations. However, to realize his plans, Stan Monheim needs capital. He has already invested 5 million euros and requested a fundraising of 10 million euros from shareholders. Negotiations on the matter could be concluded before the end of the year.
The core business is working well. So there’s no reason why it shouldn’t work.
Stan Monheim
CEO d’Exki
The urgency is such that it makes the leader say, in The Freethat Exki is “on the verge of bankruptcy”. Debts, valued at 22.7 million euros in the company’s 2022-2023 balance sheet, jumped to almost 25 million euros in the recently communicated 2023-2024 report…
But optimism remains in order, if we are to believe comments reported by The Free: “There is a demand for fast, healthy and quality food. And the brand is carrying. The core business is working well. So there’s no reason why it shouldn’t work.”
Quid des restaurants luxembourgeois?
Launched with a first restaurant in Belgium in 2001, Exki is therefore at a turning point in its history. The brand wants to delight “hurried workers looking for quality” and has therefore deployed in five other countries, notably thanks to franchise partners, such as in Luxembourg.
It is Alexandre Scholer who manages the brand’s operations in the Grand Duchy through the company Happy Snacks (behind Pizza Hut), exclusive franchisee for the Luxembourg territory. “For us, Exki works well,” indicates without concern the CEO, who does not wish to comment on the information published in the Belgian press.
The leader is optimistic, as he prepares to meet Stan Monheim, on a long-planned visit to Luxembourg this week: “We are going to talk about future developments in the country. He has already started transforming Exki. I have complete confidence in him. He went through Autogrill, which is a monster in Europe. He knows how to do it.”
Exki has four restaurants in Luxembourg, including the one located on rue du Fort Bourbon, in the Gare district. © PHOTO: Christophe Lemaire
Exki has four points of sale in the Grand Duchy: in the Gare district, in the Grand-Rue, at the Kirchberg Shopping Center as well as, not far away, rue Edward-Steichen.
