IBERSOL | Annual Report 2020

Counters Founded in 1991, having first opened in Barcelona, Pans & Company is one of the leading brands in the Iberian sandwiches and Coffee & Bakery market, with a presence in the Spanish, Portu- guese, Italian and, as of 2019, Mo- roccan markets. In Spain, Pans & Company ended 2020 with 86 restaurants, 8 of which in concession areas, and a staff of 1.341. This year was also very much marked by the Covid-19 pandem- ic which affected, and continues SPAIN to affect, the global and national economic landscapes, with very clear repercussions on the res- taurant sector. Many of these repercussions are also the con- sequences, in varying degrees, of national and regional govern- ment-imposed restrictions to help fight the spread of the virus. A number of these restrictions caused an unprecedented im- pact on business volume, invoic- ing and profitability of our points of sale, as well as in the manage- ment of the franchises. 110