With a profitable and consolidated business model, the Sagardi Group was affected by the restrictions and lockdown caused by the COVID-19 pandemic, and it was one of 83 companies to secure Fund for the Recapitalisation of Companies Affected by COVID-19 (FONREC) funding.

“We had to live through an unthinkable situation, both personally and professionally. No company is prepared for a total closure and then an opening with many restrictions. In this environment of maximum uncertainty, the FONREC fund was a plank to hold on to in the storm”

Octavio Viñaspre, CFO of the Sagardi Group

The company’s performance since then has been highly positive and has benefited from the restaurant sector’s strong performance. This instrument fulfilled its objective and barely one year later, the Sagardi Group had already repaid in advance more than 60% of the financing granted and once again secured COFIDES support, this time for an internationalisation project.

In 2023, COFIDES granted a loan of Euros 700,000 under FONPYME to open a new Mexican restaurant in Amsterdam under the Oaxaca brand. The Sagardi Group has experience both in Amsterdam, where it has had another Basque food restaurant since 2020, and in Mexican food establishments. 

Rapid recovery and job creation

“Just as the stoppage of activity was abrupt, once the restrictions were lifted, the exit from the pandemic was abrupt as well, and consumption rebounded strongly in 2022 and 2023, allowing Sagardi to meet its schedule of obligations and repay early 64% of the financing received from FONREC. This has resulted in a recovery of the teams that make up the project and the hiring of new people”, the Sagardi Group executive notes.

“We are very pleased to have been able to help a company like the Sagardi Group at a time of great need and to see how it manages to overcome various difficulties to return to growth, as well as to contribute to its international expansion and look forward to supporting them in the future”.

David Climent, analyst in the Investment Department at COFIDES

The Sagardi Group has a strong international focus, which has enabled it to be present in several countries. “We started with the calling of being ambassadors of Basque gastronomy outside the Basque Country and that has taken us to different cities in Spain (Barcelona, Madrid, Valencia and Seville), as well as London, Amsterdam, Oporto and Buenos Aires,” says Viñaspre. The Sagardi Group now has 28 restaurants and a team of 702 people in 5 different countries. Its plans for the future include plans to continue growing internationally with new restaurants. “We are committed to rational growth, taking care of each project, without any external pressure”.

Related SDG

sdg 8 cofides