General management changes in mother company, cultural discrepancies, lack of marketing strategy and different quality expectations were source for unexpected cash drain.
Organize bankruptcy with write offs or inject more cash and prepare recovery scenario’s for possible sale.
Prepare 3 year business plan, documenting changes, improvements and milestones. Restructuring 50M€ debt, set-up cost and working capital reduction plan, implementing ABC manufacturing cost accounting system and renegotiation Union agreements.
After two and half years, an adapted product range and customer base: Output from 14.000 MT/annum to 25.000 MT/annum
Sales from 53 Mio $ to 110 Mio $
Cash drain of 15 Mio $ to cash flow of 17 Mio $
Maaltebruggekasteel, Kortrijksesteenweg 1023
Rue Haigniaux 23