Introduction
The Laiko Group has recently undergone a restructuring plan, marking a new era of profitability and growth for the historic company. After a decade of consolidation, the group has reunited all its activities under a healthy and old group, becoming one of the largest corporate entities in Cyprus with 325 employees and a turnover of over €120 million.
Interview with Minos Charalambous
In a rare interview, the Executive President of the Laiko Group, Minos Charalambous, shared his thoughts on the significant achievement, attributing it to the people of the group who stood by the company during difficult times. Charalambous has been instrumental in the restructuring and redesign of the company, and his experience in the field is highly respected.
Restructuring Process
The restructuring process began in 2016 when an agreement was reached to restructure the group's bank debt. The banks required the viable activities and debts to be transferred to a new, clean group, resulting in the creation of Laiko Holdings Public. Some activities were transferred to the new group, while others remained with the old group due to practical difficulties.
Challenges and Solutions
The corporate structure was complex, and operational costs were high. The existence of two separate groups made it difficult to implement the decision to start paying dividends after twenty years. However, the group has made significant progress in the last decade, achieving high levels of profitability and strengthening its financial position.
- The Laiko Group has reunited all its activities under a healthy and old group.
- The group has become one of the largest corporate entities in Cyprus.
- The restructuring process has resulted in a significant reduction in debt.