Kingsgate were appointed as CEO of pan-European semi-conductor business during the worst downturn period experienced in the sector
The business was significantly leveraged with gearing in excess of 200% and debt provided by a variety of pan-European banks
The business had grown through acquisition and had become cash constrained
Kingsgate led a full restructure of the business over a five year period including:
Fund–raising through rights issues
Debt reduction to 130%
Reduction in operating expenses from €110 million to €58 million.
Reduction of workforce from 1,300 to 600 across 20 European countries.
Removal of senior management team including PLC Board.
Reduction of inventory from €160 million to €60 million.
Closure of eight logistics facilities followed by the creation of a new, centralised facility in Holland.
Centralisation of all non-customer facing functions and implementation of a pan-European IT system
We are a turnaround, transformation and transition business working in challenged or failing organisations who understand how to improve results in difficult environments. We both design and deliver solutions in all stages of turnaround and challenged situations.