Operational restructuring of a builder of luxury yachts
Jongert Shipyard, a luxury yachts shipbuilder and family business was taken over by an Private Equity company in the boom of the luxury yacht market. The company had moved to a brand new site with high fixed costs, however order intake was slow, and a major project was sold below cost price. The former family business had to be changed to a business with formal investors. The business was under the special care of the special situations department of the bank.
Solution
The first focus was getting new profitable orders. Together with experts out of the yachting business, we focused the strategy on semi-custom luxury yachts and sold a new project. We built a new team to deliver the loss-making project, with a new additional sales agent representing us, bringing a significant number of leads.
Operations invested in new ways of working and delivered the loss-making motor yacht. Together with the different stakeholders, we developed new ways of working with the family.
However
Due to the credit crisis in 2008 prospects for future sales got slim. Although we had a significant number of leads, new owners were not willing to commit to new projects due to their reputation risk in the economic crisis. So time ran out, and the bank withdrew the credit lines, and we were forced to file for bankruptcy.
Role
Managing Director
Link
- Change management
- Business development
- Restructuring