No time to lose

for a temping agency

Time for change

Due to strict regulation, low unemployment, and internal challenges, the temping agency had been undergoing a lengthy restructuring process for a number of years. Quick growth in previous years had caused a spike in the debt burden. Andersch brought business operations at the temping agency back onto track for success by executing a short-time liquidity plan, preparing a comprehensive restructuring report, and providing end-to-end support for implementation.


The company is one of Germany’s 20 biggest personnel consultancies. The company’s business focuses mainly on traditional temporary labor services for small and mid-sized enterprises in the technical and skilled trade sectors, and places over 4,000 external employees nationwide every year.

Initial situation

The market was feeling the effects of regulatory pressure and dealing with a positive economic environment that increases competition and makes it difficult to find staff. Other problems, resulting from fast growth and a very high debt-to-equity ratio, stemmed from the consequences of quick and strong growth. These issues were capped by lossmaking customer relationships and inefficient restructuring that had ultimately seen debt grow to equal the company’s annual turnover.



The in-depth knowledge of the market and sector expertise contributed by Andersch were crucial for identifying the potential to complete a successful turnaround of the business, and were used as the basis for drawing up a detailed restructuring plan together with company management. The restructuring report gave investors security in the form of a neutral expert opinion, in addition Andersch prepared monthly reports on the current progress of the restructuring process. Andersch assisted the management team in the systematic completion of the restructuring activities to guarantee the success of the turnaround.



In a first step, the restructuring report was used as the basis for securing a new and reliable financial base, and to create a simplified shareholder structure. Banks and shareholders were prepared to conclude subordination agreements, accepted debt-to-equity swaps, and offered additional lines of credit.



The Andersch team managed to create transparency for current business while also ensuring long-term stability. We worked together to unpack the convoluted network of interests between shareholders and financial backers, and create a sustainable solution for the company. Andersch gave the process a structure.

Anonym CEO