June 11, 2023


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Classic Lumpa bankruptcy – again

On Friday, Flott Olympen also announced the bid, Brønnøysund records show. The company operates the restaurant Olympen på Grønland in Oslo, also known as “Lompa”. The traditional pub has been operating since 1892.

Flott Fond 1 took over Olympen last year, with a new opening in November. Behind the box is Flott Gjort, which is run by veterans of Oslo’s nightlife. The company raised money from high-cap investors for the fund last year, and has announced an ambitious project with the opening of at least a dozen new locations.

Managing Director Marine Moen Bloomstring points to Tina Assen, Director of Communications at Flott Gjort. Aasen did not respond to DN’s inquiries.

“There is very little information out there right now, and I know very little about what happened or what went wrong,” says trustee Stine Snertingdalen at law firm Kvale.

I just received the assignment and had a conversation with the owner during the morning.

Going forward, I will work with the owner to find new drivers. This is an Oslo establishment, and it was very nice to find someone to handle the operation. Snertingdalen says the previous owners appear to have made some attempts to find new drivers.

In the opening judgment of the Oslo District Court, the board appears to have disclosed a debt of over NOK 7.2 million, and assets of NOK 3.5 million.

In addition, there is some food and alcohol on the estate, Snertingdalen says.

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– There are a number of employees who will have due salaries, you say.

When the tender was announced, there were 24 debt collection cases on record at Flott Olympen, totaling just over NOK 1.9 million.

Expensive bridging loan

Olympen has been closed recently. In mid-April, chairman of the board Arnt Olav Andersen said Oslo newspaper that the place was closed for a “minor refurbishment”.

– It will be a few weeks before it opens again, Andersen told the newspaper.

“We are currently only open for events and rentals” was written on the Olympen website recently.

It was precisely Lompa that spelled out the announcement of Flott Fond 1, when the company raised NOK eight million in a crowd-funded loan at 14 per cent interest from Fundingpartner last November.

– There is no drama in this. It’s just a matter of stepping up to Christmas table season, Andersen added E24that mentioned the loan at the time.

The announcement, which is still available, states that the loan was fully subscribed by 749 investors. It appears here that Flott Fond 1 had raised 60m in equity in several rounds, and was in the process of acquiring a dozen more, as they already had 10.5m commitments.

Olympen has enticed hungry - and beer-hungry - residents of Oslo since 1892.

Olympen has lured beer-hungry, hungry Oslo residents since 1892. (Photo: Cavad Barsa)

“The company is currently launching several new concepts in the portfolio and has ongoing start-up costs associated with that. The company wants to tie together the financial portions of the upcoming release in order to get these venues up and running in time for the Christmas party season,” reads the sales presentation to audience investors.

DN has been in touch with Andersen, who in addition to being Chairman of the Board of Directors of Flott Olympen is a portfolio manager at Flott Gjort. He won’t comment on bankruptcy or past statements, but does refer to the communications officer.

– It’s Tina who answers, he says.

rich owners

Olympen was acquired by Flott Fond 1 one year after the previous owners went bankrupt.

In an interview with D2 in January last year, Flott Gjort’s development director, Runar Eggesvik, spoke of the big plans.

– He said that we are coming out in a completely different way than before, and announced ten new job opportunities during the year.

In addition to opening venues such as Trekanten in the newly renovated Erling Viksjø building on St. Olavs, and the 700-square-meter wine bar Vin Vin in Torggata, the Flott group has either invested in or taken over existing venues like Olympien.

Eggesvik and portfolio manager Andersen have over 20 years’ experience in the nightlife industry and together were involved in a number of venues and institutions in Oslo before they helped start Flott Gjort – such as Øyafestivalen, Kulturhuset, Youngs, Prindsen Hage and Sukkerbiten.

In addition to the founders, Flott Fond 1 has a number of wealthy owners, with weight from the real estate industry. Among them are Müller Endom, owner of Rika Endum, Jan-Erik Revelsrud, and heir Selvag Tharald Neustad. The latter was responsible for sustainability when the project was launched.

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