Companies|In October, Ilmarinen filed for bankruptcy for Hasan & Partners. However, the occupational pension company withdrew its application after the advertising agency paid its invoice.
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Based on the insolvency register, Hasan & Partners is seeking corporate restructuring.
In October, Ilmarinen filed for bankruptcy of Hasan & Partners due to unpaid pension insurance premiums.
In October, Hasan & Partners had 68 defaults and owed EUR 1.2 million.
The result of the advertising agency has been loss-making for the past two years.
Advertising agency Hasan & Partners is seeking corporate restructuring.
This is evident from the insolvency register maintained by the Legal Registry Center. Based on that, Hasan & Partners has submitted a reorganization procedure application to the Helsinki District Court last Friday.
In addition to Hasan & Partners, the restructuring procedure application has also been submitted by Hasan & Co group’s parent company Ami Hasan & Co Holding and its other subsidiary Frankly Partners.
Ami Hasan & Co Holding published a press release on Friday. In it, the group said that the company’s financial difficulties were caused by financial costs that were too high compared to its turnover.
“Since the company has not succeeded in finding a comprehensive solution to the situation, the company’s board has come to the conclusion that the best solution for the company and its stakeholders is for the company to apply for corporate restructuring,” the announcement said.
Hasan & Partners has been in financial trouble for some time. Last October, the employment pension company Ilmarinen filed a bankruptcy petition from the advertising agency for the arrears of employment pension insurance premiums.
According to Hasan & Partners, it had unpaid occupational pension insurance premiums of 165,000 euros. There was a total of more than 212,000 euros to collect, when interest and new overdue payments were added to the sum.
However, Ilmarinen withdrew the bankruptcy application an hour after filing it, when the advertising agency paid its bill.
“The damage had already happened, even though the application was cancelled. Yes, there was enough to clarify for our own staff and our own customers,” said the chairman of the board of Hasan & Partners Simo Kajaste HS:lle in October.
According to Asiakastieto, Kajaste resigned as chairman of the board in December.
Customer information it appears from the registers that by the end of last year, Hasan & Partners had accumulated 89 entries related to payment defaults and debt matters.
Kajaste explained the advertising agency’s financial difficulties with, among other things, office premises that turned out to be too big, which the company had rented just before the start of the corona pandemic.
Hasan & Partners got rid of the premises only in the fall. At the same time, it moved to significantly smaller premises.
“I don’t deny that there is a significant number of defaults this year. Our financial situation has been really weak this year, but it has been improved by correcting the business and financial situation”, Kajaste told HS in October.
Financial difficulties Kajaste located the beginning in the time before the pandemic, when Hasan & Partners started implementing an ambitious growth strategy. It opened offices in Stockholm, Amsterdam and San Francisco.
After the corona crisis congealed, the advertising and finance company had to reduce and write down its investments. According to Kajaste, the company accumulated large debts to be paid.
Hasan & Partners has made a loss in previous years.
In 2023, it made an operating loss of 0.7 million euros with a turnover of 9.2 million euros. In 2022, there was an operating loss of one million euros with a turnover of 10 million euros.
According to the restructuring application submitted by the advertising agency, the company’s turnover from January to October of last year was around 4.9 million euros. During the same period, it accumulated an operating loss of 132,570 euros.
According to the press release published on Friday, Ami Hasan & Co Holding’s subsidiaries Hasan & Partners and Frankly Partners will continue to implement customer projects and provide services to their existing and new customers as usual, despite their restructuring applications.