Successful turnaround of loss-making Franki, subsidiary of Willemen Group
About the company
Project duration: 12 months
Franki made losses for years, which led Sogepa (an investment fund of the Walloon government) to support the company through a capital increase of 6 million EUR at the end of 2020. Operationally, however, the local executives failed to turn the tide.
In May 2021, Tom Willemen (Group CEO) requested Essensys to restructure the Franki subsidiary. Essensys appointed an ad-interim general manager, with a relevant construction background to optimize daily operations and restore profitability.
The Essensys Interim Manager drew up and implemented a restructuring plan under guidance of Tom Willemen and Michel Van Hemele, Managing Partner of Essensys, including:
- reorganization of the calculation departments resulting in a more correct cost price calculation for new construction projects
- optimization of cash flow
- stricter monthly monitoring of the construction sites
- larger responsibility for the project managers
- improved communication with employees at all levels of the organization
- fixed costs reduction
- the signing of 60mio EUR worth of new building projects
After 12 months of repositioning Franki, the time was right for the Essensys ad-interim executive to hand over command to a newly hired general manager. He will be able to develop a new growth path for the company on the basis of the restored financial health.
“Franki has been making a profit again since the beginning of this year after a conscious reduction in turnover”, said Tom Willemen in De Tijd newspaper of July 8th 2022.
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