Remade smartphone reconditioning startup in financial difficulty

by bold-lichterman

The smartphone reconditioning company Remade Group, which employs 470 people, is in financial difficulty, the management of the company based in Poilley (Manche) near Mont-Saint-Michel said on Tuesday. A shareholder meeting was underway in Paris on Tuesday, according to the communications department, which declined to say more. According to several newspapers, the salaries for September would not be paid.

But the management communication service has only confirmed a possible non-renewal of fixed-term contracts in this company which dismantles defective telephones by hand to “recondition them to new”. Riding on the circular economy of the smartphone, the company had nevertheless experienced a meteoric rise. At the start of 2017, it employed 250 people in Poilley. But according to the economic daily The echoes, turnover fell to around 80 million euros in 2018 from 130 million in 2017.

€ 125 million raised

In August 2018, Remade announced a round of 125 million euros from LGT European Capital, the investment fund of the Princely Family of Liechtenstein, and French investment funds Idinvest (Eurazeo group) and Swen capital partners (Arkea and mutuals such as Macif and Matmut). A new contribution of capital, of 50 million euros, was announced at the end of June by Remade, on behalf of its ” financial partners “, at the same time as the departure of the founder Matthieu Millet from his operational and executive functions. Mr. Millet has since been Chairman of the Board of Directors of Remade.

After an ephemeral stint by François Dehaine as President of Remade, it is now Renaud Le Youdec who is at the head of the company. Mr. Le Youdec was president of the ailing slaughterhouse AIM Group from March 2018 until the slaughterhouse was liquidated in July 2018.