2. Access Ability, S.L. is a digital printing business with two commercial units:
B2B distribution of equipment and printing supplies from Roland DG and Fujifilm.
Retail: 6 stores in Barcelona, Valencia and Malaga (4 in El Corte Inglés Department Store) and 4 franchises in Catalonia.
3. DECEMBER 2015:
During the past year, shareholders have provided €580,000 in capital increases. Faced with the lack of a viable future
plan, they have decided to shut down and dissolve the company.
C.I., holder of 50% of the shares, requested us an analysis and a feasibility plan of the company.
DIAGNOSIS
2015 Y/E Revenues: €1.8M - EBITDA €380 000 - Bank liabilities:> 350,000 euros (of this, €270,000 with immediate
maturity) - Negative cash balance . Equity requires capitalization.
The expansion plan designed by management is a flight forward desperate proposal that requires additional funding of
€1 million, primarily aimed at maintaining current management´s status quo.
THE CHALLENGE
We offered to take 100% control of the company and demonstrate in the short period of three months, that the
company could generate enough EBITDA, without new financing. This would show its financial and economic viability,
allowing later to face the restructuring of bank debt.
4. P&L stabilization:
• New management
• Review of leasing contracts
• Procedures and control
• Purveyors and suppliers
Strategic partnerships:
• El Corte Inglés
• Roland DG
• Fujifilm
Boost Retail Sales:
• Incentive plans
• Increase store´s HC
• New equipment
• Photo studios
Debt restructuring:
• Pre – BK´s proceedings
• Banco Popular
• Purveyors
THE SOLUTION
Through a thorough analysis of the cost structure and existing contracts, strict cash control policies and
the application of creative solutions to increase revenue, the company had positive EBITDA as of the
second month following the takeover.
THE RESULT
February 19th, 2016: Take Control
Q3+Q4 2015
Monthly Avg Jan Feb March Apr May June
REVENUE (000) 145 135 110 120 150 165 155
EBITDA (000) 24- -17 -22 0 5 5 4
HC 34 33 33 32 35 35 35
Shareholders cash injection (000) 48 0 0 0 0 0 0
2016
5. EXAMPLE: STRATEGIC PARTNERSHIP WITH ROLAND DG AND EL CORTE INGLÉS
Flier placed in different
departments of El Corte
Ingles
P&F display placed
at telephony´s
department counter
First ticket and product sold by ECI
personnel and billed as Access Ability
(P&F), with newly created barcode.
ROLAND DG is the world leader in rigid printing equipment.
Four P&F stores operate in EL CORTE INGLÉS ´s shopping centers.
GOAL:
Create cross-selling solution with El Corte Ingles by offering product personalization.
STRATEGY:
Obtain a printing equipment (Roland´s LEF-20 model) on temporary deposit and negotiate with El Corte Ingles, at
national and local level, a pilot test in the Valencia store for the sale of personalized products sold by personnel of El
Corte Ingles, on behalf of P&F.
New printer for rigids LEF-20 in
P&F El Corte Ingles, Valencia
During the first
month of operation,
sales produced by
the LEF-20 printer
accounted for 20%
of the turnover of
the store of
Valencia, compared
to the monthly
average in 2015.
6. DANIEL REGÁS, Interim MD
Daniel graduated from Menlo College, Silicon Valley School of Business and then earned an MBA in Hotel Management from EADA in
Barcelona. His career began at the Barcelona'92 Olympic Games where he organized the hospitality program for the press. Later he
started his own consulting agency in leisure and hospitality and delivered projects to Oasis Hotels in Cuba and Mexico and to Pioneer
Electronics. In 1998, he joined start-up Media Park where he created the Internet division and obtained the online rights of the Spanish
Football and Basketball Associations. He was also appointed as CFO of Showtime Xtreme, a joint venture between Viacom and Media
Park. In 2003 he founded a communication agency through a spin-off of Media Park´s Events division and created campaigns for
Telefonica, Nike, Timberland and RBA. Finally, he led the landing of Elephant Talk (NYSE: ETAK) in Spain, signing a strategic alliance with
Vodafone which earned revenues of €800,000 a month for five consecutive years, becoming the largest subsidiary of the group.
Daniel has achieved extraordinary results, generating enthusiasm among its employees, applying creative sales policies and keeping the
focus on the key aspects of business.
Contacto: danielregas@yahoo.es – M. +34 684.233.594
ANTONI PONS, Interim CFO
Toni holds a BA in Economics and Business Administration from the University of Barcelona, and has also studied various postgraduate
programs in finance and real estate taxation. His career began in international hotel companies, advising and developing a management
contract between five Royaltur hotels with the Government of Cuba. Later he joined OASIS Hotel & Resorts in Mexico as Director of
Finance and Administration, operating a group with 2,800 rooms among various companies, seven hotels and four subsidiary service
companies (travel agency, booking services, purchasing center and laundry). In 1998 he created GrupCEU in Barcelona, a Project
Management Consultancy from which he managed and developed more than 30 real estate projects, including land acquisition,
financing, project implementation and most recently various debt restructuring assignments for real estate companies. Toni has always
stood out for his commitment to the organization and a rigorous approach for control operations.
Contact: pons@economistes.com – M. +34 630.87.32.20
THE RESCUE TEAM
