Project Gekko
- The Group was substantially loss making, had weak financial information and was facing insolvency. The Group's core distribution business appeared viable, however, its non core activities were clearly heavily loss making.
- Hilco acquired the Group's bank lending and half of the Group's equity.
- Hilco embarked on a restructuring plan to boost margin, improve financial information and re-scale the business.
- The loss making parts of the Group were placed into Administration, allowing management to focus on the core business.
- A return to equity holders is envisaged.