2021 has seen some excellent results for the Playfair Turnaround Team with recent recognition at The IFT Awards, a national awards ceremony, and the successful completion of 3 recent turnaround assignments …. all through the difficulties of Covid-19 and lockdown restrictions.
– Lingerie, leisure and swimwear brand management business
Playfair were praised for the very impressive, multi-faceted and sustainable turnaround
Situation
This lingerie brand management business was formed by a husband and wife team after long careers in FMCG blue-chip companies. The business focused on a select number of brands and over time grew in reputation, size and profitability. Unfortunately, a change in philosophy and approach from the major supplier led to the loss of this business, resulting in a 60%+ loss of turnover and significant operating losses.
Our Actions
The Outcome
It is hard to convey the number of different issues that needed overcoming and the fine margins in doing so – we couldn’t afford to lose any of the battles and this was a true team effort. However, three years after the supplier withdrawal, the business is back in profit and, while continuing in a challenging environment, is on target to meet projected sales and profit targets. With net debt coming down, it will shortly leave the bank’s support unit. Playfair Partnerships continue to provide financial control and the business continues to grow.
Of course, in addition to the excellent outcome for the client, our hardworking team were awarded SME Turnaround of the Year for this work!
Testimonial
“Playfair Partnerships are the complete package: professional, knowledgeable and committed. They have helped guide us through a very difficult journey, while at the same time truly becoming part of our business family.” – Managing Director and Owner
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