Belgian businessman Guido Dumarey plans to take over and restructure struggling bus manufacturer Van Hool, hoping to branch into defence sectors to realise at least 10% of the firm’s revenue growth.
Dumarey, sharing his plans on Radio 1’s ‘De Ochtend’, intends to buy out the beleaguered Van Hool if it declares insolvency, promising to retain 1,800 workers in a swift business recovery.
Despite proactive efforts, he calculates a 30% chance of the takeover’s success amid potential competition from other prospective buyers. Dumarey has no interest in partial acquisitions.
He was critical of Van Hool’s past management, arguing that the inertia and underinvestment in the company had led it astray. "It’s like being on a vast ocean in a large ship without a compass," Dumarey said.
Additionally, Van Hool, he criticised, had been too kind to customers. Its expansive range of options resulted in bespoke products for customers, rather than regular work. "Whilst customers may appreciate this, they should pay for it," he remarked.
Dumarey also recognised that Van Hool faced unforeseen setbacks. Amidst the perfect storm of Covid-19 and supply-chain issues leading to inflation, it also lost significant staff in North Macedonia due to the war in Ukraine.
Focussing on a turnaround by late 2024, Dumarey insisted, there was a need for comprehensive data on cost, production time, stock, and working capital. "In 2025, we can then operate like a normal company," he stated. "Productivity needs to increase and there is an urgent need for a sense of urgency."
Successfully building Punch International and the Punch Powerglide industrial group, with factories in France, Italy and the UK, Dumarey is no stranger to rescuing ailing companies. Last year, he bought out Woodall Nicholson, a UK-based manufacturer of smaller buses that also hit rock bottom.
