History of Jadranka Group

Since its founding, Jadranka has been the largest company on the islands of Cres and Lošinj. It also employs the largest number of inhabitants of these islands and is the main driver of the development of this area. Jadranka has grown into a recognizable and respected company with a 70-year-old business tradition, which, according to business results, can certainly be ranked among the top companies in the hospitality and tourism industry.

 

The Jadranka Company was founded in 1947 by the decision of the People’s District (Narodni Kotar) of Mali Lošinj, when two hotels, the Alhambra and the Istria, and several restaurants were placed under its management. Since then, the natural advantages and climate conditions of the area have started to be utilized. The development of Jadranka as a hotel and tourist company has been underway since the very foundation to this day, with other activities - retail and wholesale - being added over the years. The building of new hotels started in the early 1960s: the Helios on Čikat and the Punta in Veli Lošinj. By the end of the 1960s, the "Bellevue" hotel was built and the construction of the "Sunčana Uvala (Sunshine Bay)" hotel started, which was completed in 1977. In 1988 the hotel complex Punta was built. During the 1960s, Jadranka started to provide services in car camping sites: Čikat, Punta Križa and Osor, and a car camping site in Martinšćica on the island of Cres was built in 1982. Throughout the years, the Company has undergone numerous organizational changes and aligned itself with the laws and regulations in force at that time. Throughout this period, the aim was to make the Company's business and all its accompanying content a well-rounded whole.

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Pursuant to the Privatization Act, Jadranka d.d. became a joint stock company in September 1992. Its employees, former employees and the local population became majority owners of the company. According to the employee stock ownership plan (ESOP), small stockholders and employees of the company held the majority share of the company.

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In 2004, in order to increase the efficiency of the business and to facilitate future growth, Jadranka d.d. became a holding company, owning 100% of shares of Jadranka hoteli d.o.o., Jadranka kampovi d.o.o. and Jadranka trgovine d.o.o., all registered as limited liability companies.

In 2008, the European Bank for Reconstruction and Development in London became the co-owner of Jadranka hoteli with a share of 31.64%, and the Slatina Campsite was split off from Jadranka kampovi and remained in the ownership of Jadranka d.d with a 62.5% share.

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During February 2014, Jadranka d.d. underwent the process of ownership change. Beta ulaganja d.d. thus became the owner of a total of 98.56 percent of Jadranka's shares. The company Beta ulaganja d.d. was founded at the end of 2012 in Zagreb with the aim of investing in tourism projects in the Mediterranean. The founder and owner of Beta ulaganja is UK Promsvyaz, one of the leading investment fund management companies in Russia, which, besides several open and closed funds, also runs one of the leading pension funds in the country. UK Promsvyaz is 100% owned by Promsvyazbank, one of Russia's leading banks. The bank headquarters are in Moscow and one of its co-owners is the European Bank for Reconstruction and Development (EBRD). This way, the EBRD confirmed its high business standards and business transparency that enabled Promsvyazbank to become one of the leading financial institutions in the Russian market.