Managing Corporate Turnaround
Abdoullah Albizreh, Wassim, Cathal
17th April 2013
3.2 Dubai and Abu Dhabi Branches4
3.2.1 Fit Out (Dubai and Abu Dhabi)4
3.2.2 Turn Key (Dubai and Abu Dhabi)4
4.0Organic Growth of Summer Town5
4.1Financial Growth of Summer Town5
5.0Financial Crisis 2008 and regional Impact6
6.0Analysis of factors contributing to decline7
6.1Financial Structure and realising the problems8
7.0Establishing a new Business Plan9
8.0Analysis of the Turnaround9
8.3Emergency cash management10
8.5Negotiate with suppliers and creditors11
8.8Stakeholders Support and Communication14
9.1Change in Management15
9.2Communication with the Staff15
10.0Will the Turnaround be successful?16
To be completed at the end of the report.
This report identifies the turnaround process of Summertown, a Dubai based, bespoke joinery firm which had rapidly expanded to an exclusive interior design and turnkey contractor during the construction boom of 2002 – 2008. Following the global financial crisis Summertown experienced financial distress and is currently going through a turnaround to ……………….. To be completed at the end of the report.
Figure 1 illustrates the corporate structure of Summertown with has three independent divisions with independent management teams. The Company has grown organically from the joinery division where the description of each activity and time line is listed below
Figure 1 - Corporate structure Summertown
Summertime Joinery, established in 1996 and over 15 years of experience in diverse joinery projects, Summertown Joinery has gained a reputation for reliability and superior craftsmanship, providing exceptional bespoke joinery solutions for the retail and corporate sectors. Based in a 10,000 sq mtr in house factory, Summertown Joinery utilizes a highly skilled and trained team and was the first joinery company in the UAE to be achieve international quality certification. This ensured that all clients are delivered superior quality consistently, and was a market leader in a niche segment in the wider construction industry. Exhibit 1 illustrates the quality of the products produced by Summertown.
3.2Dubai and Abu Dhabi Branches
3.2.1Fit Out (Dubai and Abu Dhabi)
Summertown Interiors provides interior solutions to the corporate, retail and F & B sectors in the UAE. Working alongside Project Owner architects, designers and project managers Summertown can effortlessly fulfill client’s requirements. With over a decade of fit out experience serving F500 companies, government offices spanning a number of industry sectors including banking and finance, retail, oil and gas, food and beverage, education and telecommunications amongst others.
3.2.2Turn Key (Dubai and Abu Dhabi)
For corporate clients looking for a one stop solution for commercial projects, Summertown Interiors offer a complete design and build service. With expertise in the execution of green interiors, enables clients to capitalize on the economic benefits that a green office interior can bring. Summertown’s own state-of-the-art showroom which couples as a working office space, and highlights the company’s focus on quality craftsmanship, and delivering practicality with sustainable concepts.
4.0Organic Growth of Summer Town
1996 - 2000| Summer town is exclusively a bespoke joinery firm providing high quality products to top tier clients| 2000| Due to the construction boom in Dubai, Summertown enter into an Interior design consultancy...