Activity:
Interior design, remodelling and decoration for hotels and fashion shops
Total investment:
EUR 4,1 MM
Promoter:
Martínez Otero Contract, S.L.
Resources:
FONREC
Sector:
Other
Geographical area:
Europe
Martínez Otero is a Spanish firm specialising in interior design, remodelling and decoration for hotels and fashion shops. This sector was severely affected by the COVID-19-induced crisis and concomitant travel constraints, although expectations are high for recovery in the next few months.
"This support comes as acknowledgement of company solvency and viability, for we applied for the resources with a well-structured plan to neutralise the effects of a pandemic that has impacted our industry directly"
Alejandro Valladares, Martínez Otero Chairman.
The company, headquartered at A Estrada in northwestern Spain, conducts business internationally from affiliates in Spain, Morocco, the United States and the Dominican Republic. It has a headcount of over 300, generates more than 50 indirect jobs and purchases products and services from around 2000 domestic and international suppliers.
In late 2021 the recapitalisation fund Investment Committee awarded Martínez Otero aid for EUR 4.1 million. Funding consisted in a subordinate (EUR 2.4 million) and an ordinary (EUR 1.7 million) loan. The application was analysed against financial criteria by BDO and from the legal perspective by PWC.
The aim of the financial support provided was to strengthen the company with a view to fuelling its business and growth as well as to saving jobs and ensuring its ability to compete.
"Working on this project afforded me the opportunity to acquire a hands-on understanding of companies that, like Martínez Otero, have been battered by the crisis directly attributable to the pandemic but have also exhibited enormous resilience and designed a credible viability plan to ensure a solvent future"
Eduardo Fernández, project analyst.
Alejandro Valladares, Martínez Otero Chairman, claims that ‘this operation guarantees our financial stability in the coming years, enabling us to focus our efforts on operational consolidation and business development’.
This was one of the first two applications approved by the FONREC’s Investment Committee and the first to be formalised; the loans materialised in December 2021.
The project is aligned with SDG 8, ‘Decent work and economic growth’, for the company is a key element in the local fabric. FONREC support will contribute to enhancing its long-term competitiveness and viability, as well as to saving and creating jobs.
Related SDGs
