Royal Duyvis Wiener B.V. has confirmed it has reached an agreement on refinancing the business to ensure its future stability in the wake of challenging market conditions.
Founded in 1885 in Koog aan de Zaan, the Netherlands, is one of the global manufacturers in the cocoa and chocolate processing industry, with operations in the Netherlands, Germany, Indonesia and Brazil, serving a global customer base.
The new arrangement, with an undisclosed sum, includes a schedule of restructuring by the bank and shareholders, initiated under CEO Theo Pouw and CFO Mark van den Burg.
In order to emphasise their involvement and confidence in the future, the board members have become shareholders in the company.
The business acknowledged that a series of large-scale projects had underperformed for the company, in what it described as a ‘difficult period’ for its fortunes, amid wider market trading uncertainties, including pandemic conditions this year.
“The assignment to make Royal Duyvis Wiener solvent again was a difficult one, because the company was operating at a loss. Thanks to the efforts of all employees, the company has overcome a challenging period in its long history. It’s amazing how this wonderful company has withstood this ordeal,”
CEO Theo Pouw.
“The restructuring has secured the employment of many of our professionals. In addition, there is now a solid financial basis on which we can build. I am particularly proud that we have eliminated losses in a relatively short period of time without any forced redundancies. That says a lot about the financial agility of this company,”
CFO Mark van den Burg
The firm noted, it has worked hard to restore its solvency and achieve profitable operations, with the business also projected to make a profit for 2020.
Due to its financial recovery, the company’s house bank has agreed to accept a subordinated loan.
New capital is flowing into the company as a result of the change in the shareholder structure. These funds are anticipated to be used in future investments for the company.
