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Estonian Treeland becomes controlling shareholder of Lido

Estonian company Treeland, owned by entrepreneur Ivar Vendelin, has become the holder of 51% of shares of the catering company Lido, LETA reported June 2.

As the next steps of development, both entrepreneurs, Lido's owner Gunārs Ķirsons and Treeland's Ivar Vendelin see an extension of the business not only in the Baltic but also in Scandinavia and possibly elsewhere in Europe.

"The crisis caused by Covid-19 has taught a lot, unfortunately, the state's promised aid has remained only in words many times. However, it is not possible to stand still, so this is a forward-looking decision. In this situation, attracting a new development partner with which my strategic vision is consistent is a strong stepping-stone for Lido growth so that Lido develops and brings added value and pleasure to people not only in Latvia,” said Ķirsons.

Lido owns 20 restaurants in Latvia and Estonia, as well as nine shops in Latvia. In 2019, the group AS “Lido” worked on a turnover of €56,123 million, up 4.4% over a year earlier.

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