Pachá is one of the companies that will receive financing after the Government approves four new ‘rescue’ operations for groups affected by covid-19 for a total amount of 54 million euros. In addition to the nightclub firm, the aid will go to the Cesgarden hotel group, the Eating Group restaurant company and the Basque industrial company Egile.
That of the Cesgarden hotel, located in the Balearic Islands, is the highest financing operation, with 18.6 million euros. It is followed by Grupo Universo Pachá, dedicated to the leisure sector also in the Balearic Islands, which will receive 18 million. Egile, specialized in high-precision mechanics and located in Guipúzcoa, will receive 10.4 million euros and finally Eating Group, from the restaurant sector, will be financed with 7 million euros.
The duration of the financing will be a maximum of eight years, although the spirit of the fund seeks a rapid amortization of the investments (around five years) and each case will be analyzed individually.
The executive justifies these aids in that they are companies “with growth capacity and a high innovation component”, on which not only 1,800 direct jobs depend but also “the survival of many other companies and freelancers”, having a significant impact in the territories where they settle (Balearic Islands and the Basque Country).
“These approvals represent another step in the work that the Government, through Cofides, is carrying out to support the solvency of medium-sized companies that have suffered as a result of the pandemic,” said the Minister of Industry, Commerce and Tourism, Reyes Maroto. .
So far, the approved operations reach a total of public aid of 66.1 million euros, which are financed by the Recapitalization Fund (Fonrec), in turn managed by Cofides, a company under the Ministry of Industry, Commerce and Tourism .
The objective of this fund is to contribute to economic recovery by supporting companies that have suffered the effects of the crisis caused by Covid-19, so that they can return to the path of viability they had before the pandemic.
The fund is endowed with 1,000 million euros and the selected companies will be able to access financing between 2.5 and 25 million euros, which will materialize through temporary investments in the form of shares in the social capital, participatory loans and other financial instruments.
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