Cardi Gallery Srl, Barbara Berlusconi’s gallerist gives Cardi Gallery Ltd capital to save the budgets of the Milanese space
The art business of Nicolò CardiMilanese, born in 1978, gallery owner of some “VIPs” (from Barbara Berlusconi a Geronimo La Russa) which has two exhibition spaces, one in Milan and the other in London founded in 1972 by his father Renato.
In fact, a few weeks ago the shareholders’ meeting of Cardi Gallery srl of which Cardi himself is sole director and 80% controlling shareholder through his new holding company Cardi Capital while the remaining 20% is Ara Investmentswhose ownership is protected by a trust and of which the sole director is the well-known accountant Roberto Spada.
The shareholders’ meeting had been convened to decide on the coverage of losses for 2022 amounting to over 146 thousand euros which, compared to a capital of 30 thousand euros, had therefore resulted in a negative net worth of 86 thousand euros.
Hence the decision of the two shareholders to cover the losses through the use of reserves for 30 thousand euros, the elimination of the capital and its subsequent reconstitution through the contribution of their Cardi Gallery Ltd (owner of the London gallery) already 100% shareholder of the Italian gallery which in 2022 had a turnover of over 3 million and received a Simest financing of 150 thousand euros.
The value of the conferred asset was certified by an appraisal drawn up by the accountant Lorenzo Centonze which highlights how in 2022 the London gallery carried out sales of works of art for 11.6 million pounds with a profit of 30 thousand pounds.
The appraiser then estimated the contributed asset using the method discounted cash flow with determination of the terminal value reaching an equity value of only 100 thousand euros, considering that despite the good revenues the company however has a negative net financial position of over 1.2 million pounds. The value of Cardi Gallery Ltd thus served to reconstitute the capital of the Italian company.