After pages of articles on the subject of Anfi we honestly thought that there was nothing else that could happen at boardroom level, we were wrong. Back in September 2021, we reported on the boardroom feud between IFA Canarias part of the Lopesan Group and Santana Cazorla Group over the involuntary bankruptcy of Anfi Sales SL and Anfi Resorts SL. The involuntary bankruptcy proceedings were requested by a company named Isla Marina SL which is also a Lopesan subsidiary and furthermore is one of the creditors of Anfi Sales SL and Anfi Resorts SL from whom they claim they are owed around €30 million.
Later the same month in court the Judge, Alberto López Villarrubia, confirmed the bankruptcy stating that whilst Anfi were asset rich they had little or no funds to pay debts. As far as commentators were concerned it appeared to be game, set and match but life is never that simple with matters Anfi.
The latest twist
According to a report in Atlantic Hoy, An investment fund wants to buy the Anfi sales companies from the Santana Cazorla Group. The investors have filed a writ in the Court to buy the sales units of the Santana Cazorla Group, which consists of 50% of Anfi Sales and Anfi Resorts, the parts that make the money.
The bankruptcy administration of the Santana Cazorla Group has requested the Mercantile Court No. 2 of Las Palmas de Gran Canaria, in order to achieve a better solution to the bankruptcy procedure, to authorise it to start a process for the sale of the sales companies, which until now had not been valued as such. The objective of this movement was precisely to seek the maximisation of its main asset, Grupo Anfi, and thus prevent Lopesan from not paying the going market price if it wants that piece of the pie.
TCA Comment
Grupo Cazorla has gradually been losing its grip on the Anfi Empire and probably realises that the writing is on the wall. Lopesan has made no secret of the fact that timeshare doesn’t fit in its business model. Imagine if total control of the Anfi asset could be obtained by Lopesan then it doesn’t take a brain surgeon to work out that the whole operation could be remodelled as five-star hotel accommodations which is, after all, the Lopesan speciality.
Forward seeing this possibility has spurred the Cazorla interest to attempt to ensure they get their share of the much more valuable cake (pie). As the article states, Lopesan will have to pay the market price if they want a bigger share of the pie.
Just when you think that everything Anfi is all sorted a curve ball comes flying in. Once again, TCA will be keeping a close eye on how this latest episode pans out. One thing for certain is Santana Cazorla don’t seem to want to go away quietly so one has to wonder how much more mud they can throw at the walls, we will have to wait and see.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk