Luxury Minsk Restaurant Veras i Kolas, where Star Chefs Novitsky and Chariev Work, Engages in Risky Operations
Many Belarusians learn to cook by watching videos of these charismatic chefs with millions of followers, and those who don't want to cook themselves go for ready-made meals at "Veras i Kolas" or "Hosty". Meanwhile, the financial statements of LLC "Chibus", which owns the establishment, have revealed an unusual strategy by its owners.
"Veras i Kolas" on Surganava Street is one of the most talked-about restaurant openings of last year in the capital: almost a thousand square meters of space, four halls, three chefs from Minsk, Moscow, and Italy, open until 5 AM. A careful integration of the Belarusian language into the establishment's identity, and the very idea - a combination of Belarusian, Italian, and pan-Slavic cuisines. A huge menu with 90 positions.
In the open kitchen of "Veras i Kolas", the famous chefs Dmitry Novitsky and Nuryagdy Chariev unfolded their skills. Their videos were surely pushed to you by social media algorithms if you're interested in cooking.
The guys have more than half a million followers on each of the popular platforms; they are brand ambassadors. And the Mediterranean direction is led by Italian Marco Iacchetta, who previously worked in luxury restaurants in Moscow and Europe.
The establishment was founded by restaurateur Denis Adamovich, who also runs the "Malevich" project and the restopub "Hosty". He owns 21.82% of the shares of LLC "Media Povad", which ultimately owns the restaurant (the restaurant itself exists as LLC "Chibus", in which 100% of the shares belong to LLC "Media Povad"). Another 78.18% belong to Irina Koval-Safronenko, a former manager of the liquidated Eurobank.
The chefs do their work with soul, while the establishment's owners have started a game that could either be an example of fantastic luck or a textbook case of over-risk.
The Restaurateurs' Hunger Games
LLC "Chibus", which owns "Veras i Kolas", has been operating since 2019. Denis Adamovich and his partner entered (bought into) it through LLC "Media Povad" only at the end of 2022.
At that time, "Chibus" was a modest, loss-making enterprise: revenue of 676 thousand, losses of 24 thousand, negative capital of -112 thousand rubles. The enterprise managed Cafe 35 on Varanyanskaga Street.
With the transition to new owners, "Chibus" took off: in 2023, revenue was 902 thousand, in 2024 - 1.24 million... Net profit became greater than revenue - 1.59 million and 1.13 million rubles, respectively, although the cafe was still in the red (minus 109 thousand and minus 645 thousand for core activities, respectively). How is that? As the accounting report shows, in addition to the kitchen, the company's owners started trading securities.
Denis Adamovich himself discussed this as an unexpected discovery in an advertorial for the broker "Aigenis" published in Probusiness.io.
"The understanding of the need for investments did not come from the idea that one could earn from it. [...] We decided to take 15% from revenue each week and set it aside. We understood that simply leaving it in the account was not an option. [...] We paid attention to bonds and investing.
Ultimately, we chose "Aigenis" – they offered us the necessary scheme for acquiring bonds. [...]
Having mastered this strategy, we began to additionally invest funds designated for other regular expenses. If there are surpluses, we also invest for additional profit," said Adamovich.
In the process of investing working capital in bonds, the businessmen also studied complex financial mechanisms such as REPO of securities.
REPO is a loan of money secured by a bond, with its subsequent repurchase and payment for the usage period. It's almost like a pawn shop, but with a nuance: a bond is not a watch; it will only be taken if you don't return the money.
Imagine: to use the money obtained under collateral to buy more bonds, then use those bonds as collateral to get more money, then use that money to buy even more bonds, and then use those as collateral to get even more money… this way, one can profit from the positive difference between the cost of using the "pawn shop" money and the profitability of the bonds themselves.
In 2023, the company processed 19.8 million rubles of papers it "sold" and 18.1 million it "bought". The difference of 1.7 million allowed it to cover losses from its core activity and earn a profit on top.
In 2024, the situation was the same: 22.1 million versus 20.3 million, with a net positive of 1.8 million. In fact, trading became the main activity, and Cafe 35 was secondary.
Perhaps it was with successfully invested money that Adamovich and Koval-Safronenko opened the lavish Veras i Kolas in 2025. The purchase of equipment for the kitchen, halls, bar, and other items cost 208 thousand rubles in cash, with the rest acquired through leasing.
Successes on the exchange were repeated, and market conditions were favorable. The restaurant provided the entrepreneurs with a brand, increasing trust, which allowed them to attract more funds.
In 2025, the company's turnover grew significantly. Now, papers worth 339.9 million rubles were sold, and 362.7 million were bought. The negative market movement cost traders 22.8 million.
The company did not have that much equity capital for risk; all its equipment (most of which is leased) costs less than one and a half million rubles. LLC "Chibus" became deeply unprofitable. But the company continued trading with a clear intention to recover.
As of June 30, 2026, the company's balance sheet showed securities worth 617 million rubles.
Given their nature (REPO), this means that, essentially, this entire sum is a liability, a debt. Like a small bank.
How the company arrived at such a figure is unknown. A loan of 155 million rubles appeared in the structure, the details of which are not disclosed anywhere.
LLC "Chibus" Issues Its Own Bonds
In the summer and autumn of 2026, LLC "Chibus" announced the placement of bonds for another 100 million rubles. Two issue prospectuses are planned. The interest rate is 10% per annum, with redemption in 2035.
For the first issue, the coupon is paid quarterly; for the second, annually. The first payment is only on October 25, 2027.
The bonds have already started trading for qualified investors.
Neither the first nor the second issue is secured by anything. No credit rating was assigned to the company. The bonds are depository, which means that in case of bankruptcy, their holders are in line after the holders of any other bonds of the same company.
No bondholder representative was appointed. The organizer of both issues is "Aigenis", on which "Chibus" incurred multi-million losses.
"Over the next three years, the Issuer plans to develop a structured strategy aimed at maximizing profit and maintaining guest loyalty amidst rising costs and changing consumer habits. This strategy includes several key stages:
1. Marketing and audience attraction.
— Customer retention: development of loyalty programs, personalized offers, and special formats (e.g., seasonal menus or gastro-evenings).
— Digitalization: promotion through local search (Local SEO), integration with delivery aggregators, and development of proprietary online ordering systems.
2. Scaling and formats.
— Opening new locations: selection of high-traffic premises after detailed analysis of competitors and target audience.
— Business diversification: considering the launch of a Dark kitchen, catering, or opening "kitchen to go" format points.
3. Financial planning and cost control.
— Cost optimization: with rising food prices and rental rates, it is critically important to regularly review the financial model.
— Payroll management: automation of processes allows maintaining payroll at an optimal level without compromising service.
— Food cost analysis: regular accounting of resource movement and menu adjustments to maintain target profitability.
As sources of financial resources for implementing the issuer's plans, the issuer's own funds, borrowed funds obtained through bond issuance, and bank loans will be used. Other types of financial resources may also be used," — this is from the business plan description in the prospectus for the issue.
Usually, money is requested on the market for a successful project to scale it faster than competitors. And now, "Chibus" has to pay 10 million rubles per year just for the use of funds (provided that all shares are sold).
Meanwhile, the restaurant itself, despite all its popularity, has not yet become profitable since its opening. For 2025, with a revenue of 3.25 million rubles, it brought 2.4 million in losses. For the first half of 2026 - 1.8 million in losses with a revenue of 2.9 million.
In fact, money is being requested for a loss-making model, and the restaurant itself, its social networks, and the names of the chefs serve as a showcase to attract one hundred million.
However, there is no violation of the law in what the owners of LLC "Chibus" are doing.
Due to the underdeveloped financial market in Belarus, the legal framework is also underdeveloped (or vice versa), as a result of which even more risky operations are possible.
Indeed, a typical limited liability company in Belarus can issue unsecured depository bonds, provided a minimum authorized capital is formed. "Chibus" has it - although it is only 30 thousand rubles.
And an audit is also not mandatory. It becomes mandatory only with revenues exceeding 21 million rubles, calculated on sold goods and services. "Chibus", therefore, is not obliged to undergo it, because despite its hundreds of millions in financial activity turnover, its core activity ("restaurant activity") does not fall below the minimum threshold.
The reality is that to close a gap of 25 million rubles with the existing portfolio size, "Chibus" needs the market to shift by 4.1% in the positive direction. For that to happen, a lot of luck is needed.
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