Mafish set a target of opening ten Nordsee units in Hungary when it opened its first outlet in Budapest’s West End shopping mall in 2008. However, it only managed to start up two, the second outlet opening on downtown Váci utca in 2010.

The company lost Ft 40 million in its first year of operation, which shrank to Ft 5.5 million a year later in 2009.

Although revenues rose to Ft 317 million, in 2010 Mafish incurred a Ft 25 million loss, having taken out a loan from Erste to finance its expansion.

The holder of the franchise rights in Germany said they are holding talks with their Hungarian partner but will not try to find new franchisees to continue operations."

Source: Hungary Around the Clock

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