Alcohol retailer Araxes to acquire Feenoks chain

Shelves of alcohol in a store. (Siim Lõvi/ERR)
8/8/2016 10:35 AM
Source: BNS
Category: Business

The owner of Estonian alcohol store chain Araxes, Ovakim Azarumjan, is set to buy Feenoks OÜ, owner of the Feenoks chain of alcohol stores.

Feenoks OÜ has decided to exit the alcohol retail business while Araxes wants to expand its operations in Estonia, it appears from the concentration notice.

Azarumjan's company, Arzak OÜ, will acquire the assets, rights, liabilities, contracts and staff of Feenoks OÜ in the transaction.

Although neither company holds a dominant position, the transaction is nonetheless subject to approval by the Competition Board as both firms' annual turnovers are sufficiently large.

Feenoks is engaged in the retail sale of alcoholic beverages in its stores in Tallinn and Tartu, which also sell tobacco products, soft drinks and a selection of food items. It ended last year with a profit of 61,690 euros on sales of 5.3 million euros. The company employed 57 people on average with average monthly wages of 590 euros. Feenoks OÜ is currently owned by Igor Bulkin, Oleg Bulkin and Konstantin Uskevits.

Established in May, Arzak OÜ is a holding company without independent economic activity. It owns wine and spirits importer Alkoprof, tap beer seller Glak OÜ as well as Naltu OÜ, operator of Araxes alcohol stores.

Naltu OÜ earned a profit of 381,557 euros on sales of 16.9 million euros last year. It employed 120 people on average whose monthly wages averaged 480 euros.

Alkoprof posted sales of 752,015 euros and a profit of 396 euros last year, while Glak OÜ sales totaled 274,931 euros with a profit of 40,505 euros.

Editor: Aili Sarapik

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