Axcel to cut losses in Noa Noa

Axcel partner Lars Cordt, who is also a Noa Noa board member, confirmed to local media that the GP is looking to hand over the business as its DKK 600m debt pile has become too burdensome.

Noa Noa founder Harald Holstein said the debt was incurred as a result of the leverage in Axcel's buyout of his company in 2007, where the GP took a 90% stake for around DKK 1bn.

Axcel is reportedly in final negotiations with Nordea.

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