SPEKVA – wood worktops back on top

SPEKVA has completed a succesful turn-around. The debt is gone and the clients once again flock around SPEKVA's kitchen worktops.

For almost 50 years, SPEKVA has been know for manufacturing unique kitchen tables – the most exquisite addition to your kitchen if you want a wooden worktop. A client in New York was so thrilled over receiving his SPEKVA worktop that he had it flown in by express with UPS to LaGuardia airport in New York and from there on by helicopter to his apartment.

But in 2013, SPEKVA was staring into the abyss, with bankruptcy just around the corner. Sales had been in hibernation since the financial crisis and at the same time, SPEKVA was loosing money on an engagement with a large customer. A turn-around was initiated, which included cancelling that engagement, despite it accounding for more than 50% of SPEKVA’s turnover. A debt relief settlement was reached with the banks and half of the employees were ufortunately made redundant.

But the decisions that Genua made together with SPEKVA’s management were necessary. Today, SPEKVA has completed a succesful turn-around. The debt is gone and the clients once again flock around SPEKVA’s worktops. To better withstand the volatility of the market for kitchen worktops, where fashion fluctuates, SPEKVA has developed a new market in designing and manufacturing specially individualised dining and conference tables; a market that is expected to become larger than the market for kitchen worktops within the next three to five years.

Read more on spekva.dk
When the house of cards was about to collapse, the other owners sold their SPEKVA shares. But not Genua. They stayed on and took over full ownership, and they played an active part in the reconstruction of the company. Since then, they have invested actively in SPEKVA. They are very open to new ideas that can take the company further. As when we entered the market for meeting and conference tables, despite SPEKVA being a completely unknown brand on that market. But they believe in the company and remain convinced that their investment will be returned manyfold.
Lars Mellgaard, CEO, SPEKVA