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Editor in chief: Angelo Scorza
29/04/19 10:50

Fratelli Cosulich' recent takeover is going bankrupt

The 50% participated Brescia-based Tecnoservice, supposed to record 50 million Euro sales, actually brought accounting books to Court

Augusto Cosulich fra Alberto e Claudio Provezza

Twelve months after having taken over 50% shares in Brescia-based shipping and logistics Tecnoservice, Genoa-based group, helmed by Augusto Cosulich, broght the company's accounting books to court.

According to local press the group, headquartered in Ghedi, which controls various inland terminals even in Verona, Mantova and  Marghera, went from 200 trucks/day to bankruptcy, therefore President Lorenzo Mormigliano applied to Court for bankruptcy.

The company and unions are cooperating to find the least painful solution for the 94 workers, while  appointed adjuster and judge will now evaluate the situation.

Several solutions might be available: workers collective redundancy or the so called 'Jobs Act', considering that temporary redundancy can't be applied.

On May 2nd 2018 Fratelli Cosulich sealed a purchase agreement to takeover from Alberto and Claudio Provezza the company's 50% share capital for 2.36 million Euro to be paid in three different banks in May, October and December 2018.

In 2017 Tecnoservice's turnover reached 28 million Euro (26.1 in 2016), while net profit stood at 100,000 Euro (versus 79,000 recorded in 2016).

For the time being the reason which ensued bankruptcy wasn't unveiled.

Tecnoservice has been primarily operating for over twenty years in steel products logistics and considering Genoa-based group is agent and forwarder for companies like Metinvest, Duferco and Novex, this joint venture embodied “a remarkable opportunity to further develop steel products, containers and project cargo's logistics, terminal operations and multimodal transport”.

The group aimed at expanding Brescia-based company's operating range abroad reaching overall 50 million turnover in 2018.

Nicola Capuzzo