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The Spanish wine company Familia Torres *** is negotiating with banks to reorganize its debts. According to the Spanish economic newspaper El Economista, these amount to around 70 million euros. The largest creditors are CaixaBank and Banco Santander. In the fiscal year 2024, the company recorded a slight decline in revenue of two percent to 234 million euros. In the end, there was again a loss, this time amounting to 4.8 million euros. However, the deficit was 60 percent lower than the previous year. About half of all wines and spirits were sold outside of Spain. For the negotiations, Torres has commissioned a firm specialized in debt restructuring.
Reasons for the outstanding debts include, according to the report, the global decline in consumption, the drought in Catalonia leading to resulting harvest losses, and the devaluation of the Chilean peso. In Chile, Torres has owned a winery since 1979. As a spokesperson explained, "Negotiations with banks are part of the usual management of a company's financial structure." The management has already made some "commercial adjustments." To reverse the declining consumption trend, some new products have been introduced. Additionally, the company is heavily focusing on non-alcoholic wines: Torres is the world's best-selling brand in this category. The recent rainfall in Catalonia should also lead to better harvest quantities. Therefore, Torres expects financial relief despite the rising costs of energy and raw materials.
(al; Image: Torres)
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