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Netherlands — Olympia announces divestment from insolvent German holding

22 January 2010

Olympia Nederland BV, the Dutch subsidiary of listed German holding company Olympia Flexgroup AG, which has applied for an insolvency regime and the suspension of shares, is preparing to divest itself from the German holding in order to continue trading as an independent company, Flexmarkt reports.

Jelle Bultsma, General Manager of Olympia Nederland BV, said in a statement "Olympia Nederland has a strong position in the Dutch staffing market. In an economically challenging time Olympia has managed to increase its market share further."

The company would not disclose exact data on market share but mentioned that two new branches had been opened in The Hague and Barneveld in 2009.

Just like the German subsidiary Olympia Personaldienstleistungen Deutschland GmbH and Olympia European Service Center BV, Olympia Nederland is not insolvent.
On the question of whether Olympia Nederland BV will be landed with some of the debt of the German holding, Edwin Velsink, Olympia Nederland Communications Director, said "this is a question for the holding company but we would not have announced that we are continuing on our own if we hadn't looked at that aspect. Nothing will change for our Dutch customers, employees, temporary staff and franchisees."

To read our previous article on Olympia Flexgroup AG please click here



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