Service(s): Restructuring Services
Pemco International is an industrial group dedicated to the research, development and manufacture of Porcelain and Glass Enamels, Frits and Conductive Coatings. Whilst small in revenue terms it was actually number 2 worldwide.
The Company,headquartered in the Netherlands, with plants in Belgium, Spain, Italy, the US and Argentina, suffered an acute liquidity crisison top of high gearing, but still required additional finance to restructure. The private equity owners and banks were deadlocked and there was no credible plan or budge.
The team implemented an initial rescue strategy and a restructuring plan for the business. They introduced more robust cash management measures to resolve the liquidity crisis, restored trade credit insurance, created realistic budgets and medium term forecasts, and implemented significant improvements to management information.
The FRP Advisory Restructuring Team worked alongside the Chief Executive Officer and,with the backing of the banks, introduced a strengthened corporate governance system,through the introduction of a chairman.
Having created full P&L budgets and an integrated balance sheet reporting process, the business was able to continue to trade through the benefit of improved financial controls.
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