Danish Michelin-starred restaurant files for bankruptcy

Danish Michelin-starred restaurant files for bankruptcy
Kadeau Restaurant on Bornholm was one of Denmark's leading fine-dining establishments. Photo: Kadeau/Instagram
Denmark's glitziest new hotel opening has been put on hold and the owner of two of its most celebrated Michelin-starred restaurants has filed for bankruptcy. Despite government financial support, the coronavirus lockdown is starting to bite.
The Kadeau Restaurant group, which owns a one Michelin star restaurant on Sømarken beach on the island of Bornholm, and a two Michelin-starred eatery in Christianshavn, Copenhagen, on Monday filed for bankruptcy. 
 
“We have had to throw the towel in the ring and file for bankruptcy. This crisis has hit us at the worst possible time,” said Magnus Klein Kofoed, the group's chief executive, told Denmark's Finans newspaper. 
 
He said that his restaurants tended to have strong cashflow over the summer but run at a loss over the winter, meaning the crisis had hit them at a time when the group's coffers were near empty. 
 
 
“We were at the bottom of liquidity,” he said. “To be brutally honest, I don't really know anything about the future. Maybe we can resume some of the activities on the other side of the crisis. Right now we just don't know what the world looks like when we're on the other side.” 
 
The group announced that it was closing its two restaurants the week before the Danish government brought in its ban on sit-down restaurants. 
 

 
 
 

 
 
 
 
 

 
 

 
 
 

Dear friends,⁠ ⁠ More and more measures are being taken to stop the spread of corona virus and as of today, the Danish government has ordered all restaurants, bars and cafés to close. This only confirms to us, that we made the right decision, when we chose to close all our restaurants last week.⁠ ⁠ These are challenging times for us all, but especially to everyone in the hospitality industry, who has had their entire livelihood pulled out from under them. No one in this business has had anything handed to them, we have all worked hard and passionately, and it breaks our hearts to see both ourselves and all of our friends and colleagues in this incredibly difficult situation. ⁠ ⁠ We urge you to support not just us, but all members of our community – buy a giftcard or order take out from the restaurants that offer it. ⁠ ⁠ We miss you dearly, and we are aching to get back in the kitchen as soon as possible. Things will get back to normal, and we want nothing more than to be here for you, when it does. ⁠ ⁠ Lots of love,⁠ ⁠ the Kadeau-team

A post shared by Kadeau – Bornholm & Copenhagen (@restaurantkadeau) on Mar 18, 2020 at 7:42am PDT

 
At the same time Nordic Choice Hotels, run by the colourful Norwegian billionaire Petter Stordalen, has put the opening of the Villa Copenhagen hotel, which has cost 1.5bn Danish kroner to build, on hold. 
 
“We were looking forward to opening Villa Copenhagen, but due to the restrictions we are late,” Torgeir Silseth, the company's chief executive told Danish public broadcaster DR. 
 
 
“Since the concept is designed to be a meeting place where Copenhageners can have breakfast, lunch or dinner together, it makes the most sense to postpone it until society is more normalised again,” he said, saying the hotel hoped now to open on May 14. 
 
Nordic Choice's founder and owner Petter Stordalen won the AHEAD design award in part for his work on Villa Copenhagen (see photo below). 
 
 
 

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