Interim: transition cleaning agents producer

Despite a good order book, losses were realized and the company was cash negative.

As a result, the company was under special management by the same bank. This made it easy in terms of points of contact, but also complicated by the different interests of shareholder versus bank.

Special Management asked Mandaat to provide a CFRO who could set up and implement a company-wide improvement program. In particular, the effectiveness and productivity of production and supply chain had to be brought to a (much) higher performance level.

The CFRO effectively took over the role of the CEO. The latter stayed on for another ¾ year as representation to major accounts and production support. Eventually the bank asked if Mandaat's CFRO wanted to take over the role of CEO permanently, which he did. In doing so, the bank expressed confidence in "our man."

Not that the company was immediately out of the loss position (although the loss was drastically reduced), but because of the (financial) insights that were now available, an improvement plan could be developed, the level of staffing could be increased and the cash position could be substantially improved.

Especially in the first months, Diederik vd Biggelaar of Mandaat as shadow manager, together with the CFRO, intensively followed the case and frequently helped shape the strategy and steps with the bank.