Pilgrim’s remarkable turnaround in one year

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Claus Hommelhoff’s investment in jewelery chain Pilgrim pays off.

One year after he put in 27 million DKK into the Pilgrim it appears to be a complete turnaround with monthly reports showing an operating profit of 1 million DKK, writes Børsen.

After months of reconstruction, replacement of management and tough negotiations with its German distributor, which required a million DKK for a breach of contract after an arbitration, the new owners believe that Pilgrim can reach back to a turnover of around half a billion DKK.

Pilgrim’s  shop sales  is now over 10 percent higher than last year.

”Things are going great. With new capital is the risk of bankruptcy away. The company is not sick anymore. It has given employees a new optimism and confidence. I certainly do not regret that we went into it. It will be a real success story, says Claus Hommelhoff to Børsen.