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30.05.19 3 NEWS FROM PAGE 1 e company's collapse comes in the wake of spiralling debts of €90 million, with losses of around €5-6 million each month – a situation that led the Milan- ese tribunal to declare bankruptcy in a bid to stop the financial haemorrhage from worsening. e company at this stage has €26 million in stock that will have to be preserved to pay back its 500 suppliers, whose representative William Beozzo says leaves 10,000 dependent jobs in the balance, and a further €250 million in unpaid credit. e company previously employed a total of 3,700, but it suffered losses in the wake of a massive economic re- cession that led to the firm being tak- en under controllership in 2015. e chain's 79 outlets were put up for sale for €280 million soon after, and then knocked down to €220 million, with no offers coming forward. en in January 2017, Shernon Hold- ing and its associated Maltese compa- ny Star Alliance Limited, controlled by Swiss-Italian Valdero Rigoni and Michael Tahlman of Liechtenstein, ac- quired 55 of the chain's outlets as well as its Imola headquarters and its logis- tics hub in Bologna, together with its 1,885 employees. At the time, Rigoni had vowed to double sales by 2022 to €500 million, on the back of a €25 million investment to revitalise the brand – a made-in-It- aly furniture chain which was still the third most sold brand in the country. Rigoni wanted to refit all 55 stores and adapt them into modern retail experi- ences with cooking masterclasses and DIY courses. Rigoni said Shernon's ownership by the Maltese firm Star Alliance was necessary to launch Mercatone beyond Italian markets, to turn it into the 'Ital- ian Ikea'. Italian deputy prime minister Luigi di Maio has expressed his concern at the closure of the Mercatone chain across Italy. "We will have to first safeguard the jobs of Mercatone Uno employees," he said. His Lega counterpart and minister Matteo Salvini said he would "person- ally meet unions, workers and suppli- ers... I cannot allow employees to lose their homes. Even on this matter, the new Europe to come into shape tomor- row will have to show its strength in protecting jobs," he said, referring to the European elections results which his party won. Bankrupt retail chain Mercatone Uno was backed by Malta holding Star Alliance Mercatone Uno staff picketed many of the company's stores after being informed of the bankruptcy APS Bank, in collaboration with the Ministry for the Fam- ily, Children's Rights and So- cial Solidarity, and the Hous- ing Authority, has launched a new exclusive product called the Equity Sharing Scheme. is social loan is intended to help individuals and couples buy a home from the private sector. e Scheme is targeted towards aspiring buyers with a limited pool of assets, short of being able to access the home- ownership market, yet ineligi- ble for social accommodation. e property will be jointly owned by the buyer and the Housing Authority, where the buyer must have a 10% down payment on the value of the property to be purchased, while the remaining equity will be split between the buy- er and the Housing Authority. Once the term of the loan has passed, the buyer may become the sole owner of the proper- ty*. To be eligible to apply for this loan the applicant must be 40 years or older and in full-time employment. Furthermore, the applicant cannot have a residence in their name and the property value must not exceed €200,000. e main benefits of this Scheme is that applicants can get between 40% and 80% fi- nancing (with a maximum loan amount of €160,000). e maximum repayment term is of 20 years, and all process- ing and bank legal fees will be waived. Marcel Cassar, APS Bank CEO said the bank was proud to be once again leading the way in providing financial as- sistance to would-be home owners entering the property market. "As a bank committed to the social and economic well-be- ing of our communities we continue to work with Gov- ernment on schemes that should alleviate somewhat contemporary pressures on housing affordability," he said. To learn more about the Scheme and how to apply please visit: www.apsbank. com.mt/equity-sharing and www.housingauthority.gov.mt APS Bank launches new Equity Sharing Scheme Anthony Buttigieg, Head of Banking at APS Bank, addressing the press conference launching the Equity Sharing Scheme

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