Amsterdam hospitality collective 3WO ended 2025 with a €1.2 million loss, according to financial statements filed with the Kamer van Koophandel.
The group operates nearly 40 venues across Amsterdam, including popular spots like De Biertuin, ‘t Blauwe Theehuis, and neighbourhood bars Arie and Bonnie.
Leiden acquisitions strain finances
The annual report shows that lower-than-expected revenues and rising operational costs contributed to the negative result on a total revenue of nearly €61 million.
However, the financial pressure was heavily driven by the purchase and renovation of four venues in Leiden, including former harbor restaurant Lot & de Walvis, which was converted into a beach-themed establishment called Bikini Bikini.
To fund the expansion outside the capital, 3WO raised substantial capital through various channels.
Lender support and capital restructuring
The group secured €10 million from its lender, Rabobank, alongside €3.6 million in external loans.
Shareholders also injected more than €10 million into the business by converting around €6 million in debt into equity and supplying the remainder in cash.
Despite a dip in cash flows that caused 3WO to fall short of its original lending conditions, Rabobank granted a waiver, concluding there were no immediate liquidity deficits.
Current outlook for the group
The company, founded by local entrepreneurs Riad Farhat, Jason Berg, and Piet van der Graaf, reports that business performance in the first five months of this year has been ahead of budget.
Belgian brewery group Duvel Moortgat also deepened its involvement in the collective last year, expanding its ownership stake from 15 percent to one-third.
