Saving a historic business with an experienced CEO
The Situation
Despite a strong brand going back to the 1850’s, and an international sales reach with 90% exports, the Group results were negative several years in a row.
The losses and apparent inaction made the financing bank require an immediate change of CEO.
Given this situation, the owner requested a turnaround manager with in depth knowledge of the industry and restructuring experience.
The Solution
Engaged an Interim CEO with extensive relevant experience from a PE environment.
The Interim CEO was assigned the task to develop a comprehensive turnaround plan and urgently implement actions to secure on-going operations and cash-flow. In parallel, the CEO made an in depth analysis and action plan including financial plan.
Concluded that new financing was required