At a meeting late last month of senior business executives, the future strategy of the company was discussed. A source close to the company told Mobile Business that 20:20 is currently undergoing rationalisation, with job losses expected. The company has now decided to refresh its mobile brand to reflect its streamlined image once the restructure is finalised.
The source stated: “The aim of the work we are doing now is for 20:20 to retain its position as market leader. The market has matured and we have to reflect that by being value-added and more strategic in how we deal with people, so being more partnership driven than we have been in the past.”
Reflecting and adapting to the market is key to the future for 20:20, the source added: “One of 20:20’s big selling features is the scale in which we operate; we are a big dealer and we work with big players. Those players want to see that we understand the environment we work in and that we can adapt and adopt the environment they operate in. So, we will become a more corporate creature. It’s just a case of getting the company and the structure of the company that fits the purpose.”
The Group completed a successful financial restructure in early July which saw net debt reduced to £92 million, plus £30 million of available credit facilities, plus a £15 million capital injection from Doughty Hanson. The new shareholder structure stands at 45% Doughty Hanson, 45% banks, and 10% management.