The Swiss vending-machine company, Selecta, founded in 1957, is set to move its headquarters from canton Zug to central London.
The decision follows the arrival of a new CEO, British national Venkie Shantaram, who took over three months ago.
The group has faced serious financial difficulties in recent years and was close to bankruptcy last spring, carrying debts of CHF 1bn.
The company was already in trouble before covid, but the pandemic made it worse and since, the rise of home working has cut commuter traffic and sales from the machines at train stations.
A new, mainly British, management team is now in place. It will be run from a co-working space near Paddington Station.
While the head office will leave Switzerland, Selecta’s operational base in canton Bern will remain.
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