Early November, Snack Attack is adding new product on the shelves of Snack Attack and supermarkets, Snack Bakeries. The new managing director of the company outlined ambitious plans for the best known Romanian food restaurant chain Snack Attack, announcing a temporary shut down of listing procedures at London stock market.
Iancau’s mission consists in more than expanding the chain and Snack Bakeries, the new bread division, which was set up due to bread production boost.
“It is important to upgrade operations, to have a full control on costs”, Razvan Iancau, managing director of the company stated. The mission is not easy in the current grim context, when global financial crisis and fluctuation of leu/euro rate hurts Romanian economy, by production cost raise and profit decline, especially for importers.
“The crisis had not affected us up to now, but it certainly will in the future, as most of our providers are importing. It will obviously hit costs and access to loans”, Iancau added. Companies are importing packaging materials and ingredients come from the local market.
Earlier this year, before appointing Razvan Iancau at the helm of the company, representatives have set an average currency exchange rate of 3.6 lei/euro. “If the actual currency exchange rate will not be steady, then it will surely be a problem. The recent growth is wiped out by the sways of the foreign currency exchange rate,” Iancau added.
For 2008, Snack Attack representatives forecast 10 million euros turnover. A 47% growth considering the new units opened in Bucharest. Sandwich segment will gear biggest share of the earnings which before interests, taxes, depreciation and amortization will be around 8-10%.
“At this point the growth is high. Next year it will not exceed 20-25%”, said Iancau. However, one of the most important aspects is the shut down of proced
