Aalsmeer-based Ciccolella Holding, the third biggest flower trading group on the Dutch market, has filed for court protection from creditors, the Financieele Dagblad reports on Monday.
The company, with annual turnover of €230m, has debts of €50m, the paper says. It is owned by Italy’s Ciccollela Spa which placed it at arms length via a foundation last week.
The company’s financial troubles threaten to damage some 100 suppliers, including transport firms, staffing agencies, subcontractors and IT firms who together are owed millions of euros, the paper says.
The Netherlands is the world’s biggest grower of plants and flowers but traders have been hit by falling margins pushed through by major retailers. In addition, the Dutch market is highly fragmented, the paper says.
There are some 700 flower trading firms but only a handful book annual turnover of over €100m.
Market leader is the Dutch Flower Group, with turnover of €1bn and 16% market share. DFG is currently pursuing an active takeover policy.