The refinancing agreement would underpin the transformation of the business and drive forward the performance improvement program.
“The EY-Parthenon team played a crucial role,” explains Frank Wiesner, CFO, Willy BOGNER GmbH. “They supported us all the way through our negotiations with the banks, helping us clarify issues and respond to questions raised by our financing partners.”
As Drescher explains, EY-Parthenon’s role in the refinancing was multi-faceted. “There is the conceptional part, developing a refinancing plan. Then there is the communication part, convincing the lenders that the plan is achievable. And then, once the refinancing is done, there is the reporting and monitoring part which involves frequent status updates to the lenders to create trust and transparency.”
With vital finance secured, BOGNER could move forward with the restructure.
Navigating complexity
Turning a business around is challenging, more so when it takes place in the middle of a pandemic. Much of the work is technical; when necessary, the core EY-Parthenon team of six were able to tap into the vast EY ecosystem and consult with EY professionals with experience in IT, tax and legal structures, HR and workforce management.
The EY-Parthenon team was always hands-on, working closely with the BOGNER leadership team to develop the restructuring concept and get their buy-in. “This meant that ideas were sense-checked with people within the business and implemented together with them,” says Drescher. “And in the midst of all this complexity it was important for us to maintain a strategic perspective.”
Reducing headcount as part of the restructuring was one of the most sensitive challenges. “Personnel reduction must be handled fairly and delicately,” says Drescher. “Good communication and preparation, coupled with taking a collaborative approach with the workers’ council were key.”
By September 2022, all three phases of the performance program had been completed. It was the ideal time for BOGNER to make the move to its new Munich headquarters – an environment that will promote leading-edge work processes in a collaborative, creative space.