McGregor is entirely free of debt

McGregor is entirely free of debt

Fashion company McGregor has paid off all of its debts to the bank, after ABN Amro had informed the company it would no longer finance it. McGregor now seeks shareholder investments.

No more interest

Four shareholders paid off ABN Amro's debt in return for more shares, which meant the company did not have to take on more debt. Chairman and shareholder Jeroen Schothorst says he is happy with the new arrangement: "We are not paying any interest anymore, no more down payments. We would have had to refinance the debt in two years' time and that would have cost time and energy. Right now, we can focus on our entrepreneurial spirit", he told De Telegraaf.

 

As McGregor no longer has to pay interest, the money will be reinvested into the company, specifically in its ICT, logistics and marketing plans.

 

The company carried a huge debt for many years, ever since it withdrew from the stock exchange in 2006. Within a year, it asked for 220 million euro with ABN Amro, pretty much equal to its turnover at that time. It managed to lower that sum to 150 million euro in 2013, but that is when sales started to slump. Now, McGregor has managed to become entirely free of debt.

Questions or comments? Please feel free to contact the editors


Small Belgian brewery conquers Brazil thanks to playing cards

13/09/2017

Het Nest, a small brewery from Turnhout, will get its beers brewed in Brazil as well. It has struck a deal with Cervejaria Premium Paulista, which will brew and distribute the beers locally.

Price cuts drive 25 % more customers to Whole Foods

12/09/2017

Supermarket chain Whole Foods welcomed an additional 25 % of customers in the first few days following Amazon’s price cuts.

Ter Beke enters British food service industry

12/09/2017

Belgian food group Ter Beke has acquired a 90 % stake in British competitor KK Fine Foods for an undisclosed fee. The current shareholders hold onto the other 10 %.

Godiva wants to conquer the world through supermarkets

12/09/2017

Belgian praline brand Godiva will soon sell its chocolate in supermarkets all over the world after signing a deal with chains like Albert Heijn and Sainsbury’s. Previously, it sold nearly all its chocolate through its own store network.

Insight: Xavier Piesvaux' seven labours at Delhaize

10/09/2017

Can one French and several Dutch managers do what the Belgian management failed to do these past few years at Delhaize Belgium? Its new CEO will face plenty of challenges: we count at least seven.

Nestlé USA acquires food manufacturer Sweet Earth

08/09/2017

Nestlé USA has acquired American Sweet Earth for an undisclosed fee. The company mainly manufactures meat replacements, a rapidly-growing market, but also several frozen meals.

Back to top