Status of Anfi-Group

News

On September 20, 2021, the Commercial Court No. 1 of the capital of Gran Canaria declared the necessary bankruptcy of the companies Anfi Sales S.L. and Anfi Resorts S.L. agreed. Debt amounted to €57 million in 2020. Of this, €30 million is owed to the Lopesan subsidiary Isla Marina and €27 million to plaintiffs of illegal contracts. In the meantime, the volume of illegal contracts registered with the administrator is said to be well over €50 (or €100?) million and exceed the debt to Lopesan. Whether these plaintiffs have a chance of success is currently not clear.

After more than a year, nothing is known about the outcome of the judicial administration and it is believed that this may take years.

Shortly after the appointment of the judicial administrator, Lopesan S.L. in January 2022 via the German subsidiary LS Invest AG (formerly IFA Hotel & Resorts, majority owned with 76%) and its Canary Island subsidiary IFA Canarias S.L. acquired the rights from Santiago Cazorla’s brother, Manuel Cazorla, who owns the other 50% of Santana Cazorla S.L. which holds 50% of the ANFI group. This allows with the 50% that IFA Canarias S.L. holds, after the takeover by the Lyng family, the majority of the management of the ANFI Group.

It is therefore assumed that Lopesan S.L. now has the say at Anfi. However, with every takeover, the company has an obligation to inform employees, Anfi members, partners and the public of the new ownership structure. Since this has not yet happened, it can be assumed that the takeover is not yet fully completed.

It is interesting that Lopesan S.L. with the takeover of the ANFI group via the subsidiary Isla Marina is indebted to itself and can also waive its debts(?).

The members of Anfi have largely signed the new contracts, so there is no longer any existential threat.

Since 2018, Anfi weeks have also been offered for rent on various platforms such as booking.com. Even if Anfi Sales does this or in the future, this is not a threat for timeshare as long as the prices remain at 3 times the operating costs. It is different when fewer and fewer tourists want to enter into long-term financial liabilities or only want to rent privately because of the recession and the permanent loss of prosperity.