WHY THEY CAME TO US
- The business was on the brink of insolvency and had already received pre-appointment insolvency advice that unsecured creditors would receive a return of 20-30 cents in the dollar.
- Bevilles was operating 26 retail stores in shopping centres while employing over 350 staff nationwide.
- The business had limited cash flow and was under mounting pressure from creditors.
WHAT WE DID
- Developed a financial model and turnaround plan to provide confidence to major stakeholders.
- Identified that occupancy costs were too high and the average store size needed to be reduced by 40 per cent.
- Procured support of the business’s key stakeholders, both locally and internationally.
- Negotiated commercial arrangements with all key stakeholders.
WHAT WE DELIVERED
- Saved an 80 year-old family business.
- Retained 250 jobs.
- Returned 90 cents in the dollar to unsecured creditors, compared to the initial advice of 20-30 cents.