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construction site

Successful turnaround of loss-making Franki, subsidiary of Willemen Group

Change & Transformation

About the company

Franki, with headquarters in Flémalle, is a subsidiary of the Willemen Group, one of the larger Belgian construction firms. The company, with over 200 staff, realized a turnover varying between 120 and 130mio EUR over the last years.

Industry: construction
Project duration: 12 months

 

Challenges

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.
 

Solution

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
     

Results

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.
 

 

Choose your Interim Manager wisely

Turbulent times require a steady hand. Guiding your organization through change calls for decisive and swift actions. The top 12% of the Essensys Executive Interim Managers portfolio comprises champions in change and transformation. Champions who help you drive change and assure the implementation of your strategic goals.

Looking for an Interim Manager to initiate and execute a complex strategic project? Book a call with us to see how we can help.

Company info

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Essensys is the Belgian market-leader in providing Executive Interim Management to organizations with improvement and transformation needs.

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