Audax seeks financial recovery as franchise boards back its approach

Audax is working to restore its finances and safeguard its operations and jobs. A court-ordered cooling-off period is intended to provide temporary breathing space. The Bruna and ReadShop franchise boards support the management board’s approach. For the franchise community involved, maintaining these working relationships is therefore a priority, while a financial solution has yet to be secured.

Funding commitments take centre stage

According to a report published by De Nationale Franchise Gids on 9 November 2026, funding agreements worth €8.6 million were made with Lector Capital when Audax was acquired from the De Leeuw family. The current management board says the agreed funding has not been provided and identifies this as a major cause of the company’s liquidity problems.

As a result, Audax does not have sufficient funds to meet all its outstanding payment obligations. The management board has called on shareholders to fulfil their obligations and is preparing legal action to enforce them. This is one part of the recovery strategy: the company is seeking access to funding to which, according to the board, it is entitled.

At the same time, Audax is exploring other funding options. It is also considering solutions in case the agreed contribution does not materialise. The recovery process is therefore not solely focused on securing the disputed funding. The board is also developing alternatives that would allow the business to continue operating.

Cooling-off period buys time, but is not a lasting solution

The court has ordered a cooling-off period as part of proceedings under the Dutch Act on Court Confirmation of Extrajudicial Restructuring Plans, known as the WHOA. Audax intends to use this period to reach agreements with creditors on outstanding claims and work towards a sustainable funding arrangement.

The measure is intended to give the business room to continue operating. It does not, however, mean that financial recovery has been achieved. The cooling-off period does not resolve the liquidity problems; funding and payment agreements are still needed. This distinction matters when assessing the announcement: there is temporary breathing space to work towards a solution, but the solution itself has yet to be secured.

The management board is therefore working on several fronts at once. Alongside seeking funding and negotiating payment arrangements, it is working to maintain relationships with suppliers and other business partners. Its stated aim is to safeguard operations and jobs. The board sees a future for Audax, but is still working to establish the conditions for the business to continue on a financially sound footing.

Support from Bruna and ReadShop

The Bruna and ReadShop franchise boards support the current management board’s approach. The supervisory board and works council have also expressed their support. The recovery strategy therefore has backing from several groups within the organisation, including representatives of its franchisees.

Acting CEO Marije Haeck acknowledges that the situation is causing concern among employees, franchisees, suppliers and other partners. She stresses the importance of those partners’ trust and co-operation. Maintaining these relationships is an explicit part of the approach, alongside the financial and legal measures.

For the franchise community, it is particularly important not to confuse this support with a completed rescue. The expressions of support relate to the management board’s approach. Securing the necessary funding and reaching agreements with creditors are separate tasks that remain in progress. Audax says it will keep employees, franchisees, creditors and other stakeholders directly informed of relevant developments.

Clarification on management status

Alongside the financial situation, Audax has addressed media reports about Paul Sies. According to the current management board, neither it nor the supervisory board or works council is aware of any decision to lift his suspension. The management board says lifting the suspension is not under consideration.

Audax is thus disputing the impression that, it says, has been created by shareholders’ comments in the media. Meanwhile, the reported recovery work continues: seeking funding, negotiating payment arrangements and maintaining relationships with business partners.

Practical advice for franchisees: follow Audax’s direct updates and raise any questions with your own franchise board. Keep a clear distinction between the temporary breathing space provided by the cooling-off period, support for the recovery strategy and financial agreements that have actually been secured.