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Top Brands on the “upside” of the crisis: We bought a dairy plant cheap

Top Brands on the “upside” of the crisis: We bought a dairy plant cheap
16.02.2010, 19:52 11

TBD, the biggest distributor of Philip Morris and Kraft Foods onthe Romanian market, with over 300 million euros in turnover, hasput an investment project in Neamt county on hold because last yearthe shortage of cash on the market enabled it to buy a dairy plantat a low price.

The most important thing for a distributor last year was cashmanagement, because, in the absence of bank funding, smallretailers resorted to loans from suppliers, according to Wael ElGhadban, general manager and owner of 50% of Top BrandsDistribution, the second-largest distributor on the FMCGmarket.

"Since 2009 we have been seeking to recover almost 2 millioneuros from the market. The upside is these debts are backed by realestate collateral, such as homes and warehouses, but we want torecover our money, not take over the assets. During these times,cash is more important than assets," El Ghadban says.

However, retailers' biggest creditors are banks, according tomarket information, with El Ghadban stressing that foreclosures ofbad payers by banks could make up the second wave of the crisis, inthe context where consumption is not showing signs of a rebound,either.

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