‘‘This year we will focus our attention on Bucharest business centers, and begin distributing our products in supermarkets and gas stations in seven counties,’‘ said Balu. By mid-July, a Snack Attack shop worth €60,000 will open in the Izvor area of the capital. Funds needed for expansion will come from bank loans, added Snack Attack’s General Manager. The average investment for opening a new unit is €50,000-75,000.
Last year the company reported a turnover of €4 million, and estimates for this year are up to some €7 million. Snack Attack’s turnover target for 2008 is €10 million, which will allow it to list on the stock exchange. ‘‘Two years from now, we plan to either list on the London Stock Exchange (AIM) or to attract an investment fund to acquire 30 percent of its shares. ‘‘For now, we are considering solutions to carry on with the network development process,’‘ added Balu.
The company also plans to open a bakery worth €1.5 million to meet Snack Attack’s needs, and a new factory, to cost €3 million, both in the town of Balotesti, just outside Bucharest. The factory will have a production capacity of 100,000 sandwiches per day to supply the entire distribution network.
Florin Balu and Greig Simon Alastair Benjamin established Snack Attack in 1999. Last year, British businessman Alistair Willis invested €600,000 in the company for 18 percent of the shares.
