Montenegro’s Voli to Build Distribution Center, Open New Stores
The European Bank for Reconstruction and Development (EBRD) is investing €10 million to become a minority shareholder in Montenegrin retailer Voli.
The capital will be used for the construction of a new 14,000 square metre distribution centre in Podgorica and the expansion of the retail network, with the opening of two new stores.
The investments are expected to result in operational and financial efficiency gains, enhanced corporate governance standards, resource efficiency and strong linkages to local suppliers and wholesale customers.
The EBRD’s investment, the first in Montenegro’s agribusiness sector, is also expected to provide the platform for high-quality local produce.
Voli was founded in 1995 and is the leading retailer in Montenegro, with 57 food retail stores across the country and sales of €181 million in 2014. The company’s majority shareholder is local businessman Dragan Bokan.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.