Page 32 - Drambuie case study
P. 32
Strategic Change
Parnell launched his programme to rationalise the business
to its core, and reverse its sliding sales by stripping out
costs, selling non-core assets and improving efficiency.
During the year, the company's head office in Edinburgh
and its London offices were sold. Likewise the company's art
collection, built up over three generations, was disposed of.
Staff levels were cut by 50%. These sales helped the
company clear the remainder of its debt, with net funds of
£2.5m at the year-end, compared with debt of £9.1m a year
earlier and almost £20m in 2003.
