{"id":2923,"date":"2013-11-20T10:36:41","date_gmt":"2013-11-20T09:36:41","guid":{"rendered":"https:\/\/blog.iese.edu\/martinezabascal\/?p=2923"},"modified":"2013-11-21T09:28:29","modified_gmt":"2013-11-21T08:28:29","slug":"panrico-una-triste-historia-de-mala-gestion","status":"publish","type":"post","link":"https:\/\/blog.iese.edu\/martinezabascal\/2013\/11\/20\/panrico-una-triste-historia-de-mala-gestion\/","title":{"rendered":"Panrico: una triste historia de mala gesti\u00f3n"},"content":{"rendered":"<p style=\"text-align: left;\"><a title=\"Panrico\" href=\"http:\/\/www.panrico.com\/esp\/home.html\" target=\"_blank\"><strong>Panrico<\/strong><\/a> ha presentado, en octubre de 2013, <strong>preconcurso de acreedores<\/strong> en los juzgados mercantiles de Barcelona. Nos podemos quedar sin\u00a0<strong>Donuts<\/strong>,\u00a0<strong>Donettes<\/strong>\u00a0y\u00a0<strong>Bollycaos<\/strong>. <strong>Dos mil de sus empleados (el 50%) ser\u00e1n despedidos<\/strong> y si la empresa no remonta, el resto tambi\u00e9n se quedar\u00e1 sin empleo. <strong>\u00bfC\u00f3mo ha podido suceder?<\/strong>\u00a0<a class=\"inline-twitter-link inline-tweet-click\" href=\"#\" onclick=\"inline_tweet_sharer_open_win('https:\\\/\\\/twitter.com\\\/intent\\\/tweet?url=https%3A%2F%2Fblog.iese.edu%2Fmartinezabascal%2Fwp-json%2Fwp%2Fv2%2Fposts%2F2923%2F&text=Panrico+ten%EDa%A0producto+muy+bueno%2C+conocido%2C%A0ganaba+dinero%2C%A0hasta+que+lo+compr%F3+un+private+equity.+');\" title=\"Tweet This!\">Panrico ten\u00eda\u00a0producto muy bueno, conocido,\u00a0ganaba dinero,\u00a0hasta que lo compr\u00f3 un private equity. <span class=\"non-dashicons\"> <\/span><\/a>\n<p style=\"text-align: left;\">Resumo la historia:<\/p>\n<ul style=\"text-align: left;\">\n<li><a class=\"inline-twitter-link inline-tweet-click\" href=\"#\" onclick=\"inline_tweet_sharer_open_win('https:\\\/\\\/twitter.com\\\/intent\\\/tweet?url=https%3A%2F%2Fblog.iese.edu%2Fmartinezabascal%2Fwp-json%2Fwp%2Fv2%2Fposts%2F2923%2F&text=En+2004+Panrico+vend%EDa+casi+490+millones+de+euros+y+ganaba+22+');\" title=\"Tweet This!\">En 2004 Panrico vend\u00eda casi 490 millones de euros y ganaba 22 <span class=\"non-dashicons\"> <\/span><\/a>.<\/li>\n<li>En 2005 es comprada por <a title=\"Apax Partners\" href=\"http:\/\/www.apax.com\" target=\"_blank\"><strong>Apax Partners<\/strong><\/a>, que <strong>la valora en 900 <\/strong>millones. Mucho me parece para una empresa que gana 22.<\/li>\n<li>Para el pago, <a class=\"inline-twitter-link inline-tweet-click\" href=\"#\" onclick=\"inline_tweet_sharer_open_win('https:\\\/\\\/twitter.com\\\/intent\\\/tweet?url=https%3A%2F%2Fblog.iese.edu%2Fmartinezabascal%2Fwp-json%2Fwp%2Fv2%2Fposts%2F2923%2F&text=Apax+utiliza+650+millones+de+deuda%2C+que+luego+transfiere+a+Panrico%2C+endeud%E1ndolo+enormemente.+');\" title=\"Tweet This!\">Apax utiliza 650 millones de deuda, que luego transfiere a Panrico, endeud\u00e1ndolo enormemente. <span class=\"non-dashicons\"> <\/span><\/a>. Devolver 650 de deuda ganando 22 se presenta arduo.<\/li>\n<li>Seg\u00fan Apax, \u201csu plan apuesta por un <strong>plan de crecimiento<\/strong> que permitir\u00eda al grupo alimentario <strong>duplicar su tama\u00f1o y alcanzar los 1.000 millones de ventas<\/strong> netas en 2010\u201d (ver <a title=\"El Pa\u00eds\" href=\" http:\/\/elpais.com\/diario\/2006\/08\/21\/economia\/1156111201_850215.html\" target=\"_blank\"><em>El Pa\u00eds<\/em><\/a>, 21\/8\/06).<\/li>\n<li>La realidad fue que <strong>en 2008 segu\u00eda vendiendo 460 millones y en 2012 y 2013 est\u00e1n en torno a los 300<\/strong>. Lejos de los 1.000 millones previstos. No es f\u00e1cil duplicar ventas as\u00ed como as\u00ed y menos en un corto plazo.<\/li>\n<li>Seg\u00fan el informe de gesti\u00f3n del 2004 elaborado por los nuevos due\u00f1os, \u201cel cambio de due\u00f1os deja a <strong>Panrico<\/strong> en disposici\u00f3n de generar un mayor volumen de negocio para mejorar la rentabilidad a trav\u00e9s del <strong>crecimiento org\u00e1nico y adquisiciones de nuevas compa\u00f1\u00edas<\/strong>\u00bb (ver <em>El Pa\u00eds<\/em>, 21\/8\/06).<\/li>\n<li>Los nuevos due\u00f1os comienzan a <strong>vender activos<\/strong> (f\u00e1bricas en Portugal, China y Grecia) <strong>para hacer caja y devolver deuda<\/strong>\u2026 pero con ello no podr\u00e1s crecer. Siguen los <strong>recortes<\/strong> de costes t\u00edpicos en empresas propiedad de <em>private equity<\/em>.<\/li>\n<li>Los <strong>Donuts\u00a0son un producto fresco y conlleva un coste de distribuci\u00f3n muy importante<\/strong>. En aras de reducir costes, <strong>transforman los Donuts frescos en congelados para que duren m\u00e1s d\u00edas<\/strong> y reducir el coste de la distribuci\u00f3n. <strong>Resultado: se cargan el producto<\/strong> que ya no es el que siempre fue. Pierden clientela y ventas: se cargan el negocio. Luego <strong>dan marcha atr\u00e1s, pero ya han perdido los clientes<\/strong> (\u00ab\u00a1Vuelve el original! Vuelven los donuts\u00ae de siempre, con toda su ternura y sabor, \u00a1DISFRUTALOS!\u00bb, anuncian en su <a href=\"http:\/\/www.panrico.com\/esp\/novedades.html\" target=\"_blank\">web<\/a>)<\/li>\n<li>Para colmo de males, llega la <strong>crisis<\/strong>. Total, que entre 2009 y 2012 se acumulan <strong>p\u00e9rdidas de 650 millones<\/strong>.<\/li>\n<li><strong>En 2010 Apax<\/strong>, el propietario, <strong>abandona<\/strong> la empresa que queda en manos de los bancos. El <i>vulture fund<\/i> (fondo buitre) <a title=\"Oaktree\" href=\"http:\/\/www.oaktreecapital.com\/default.aspx?AspxAutoDetectCookieSupport=1\" target=\"_blank\"><strong>Oaktree<\/strong><\/a> se queda con la empresa despu\u00e9s de que los bancos acepten unas importantes quitas en la deuda.<\/li>\n<li><a class=\"inline-twitter-link inline-tweet-click\" href=\"#\" onclick=\"inline_tweet_sharer_open_win('https:\\\/\\\/twitter.com\\\/intent\\\/tweet?url=https%3A%2F%2Fblog.iese.edu%2Fmartinezabascal%2Fwp-json%2Fwp%2Fv2%2Fposts%2F2923%2F&text=Panrico+ha+tenido+cinco+%28%BFmalos%3F%29+gestores+de+2009+a+2013.+%A1%A1%A1Uno+por+a%F1o%21%21%21+');\" title=\"Tweet This!\">Panrico ha tenido cinco (\u00bfmalos?) gestores de 2009 a 2013. \u00a1\u00a1\u00a1Uno por a\u00f1o!!! <span class=\"non-dashicons\"> <\/span><\/a><\/li>\n<\/ul>\n<p style=\"text-align: left;\">El resultado final es que <a class=\"inline-twitter-link inline-tweet-click\" href=\"#\" onclick=\"inline_tweet_sharer_open_win('https:\\\/\\\/twitter.com\\\/intent\\\/tweet?url=https%3A%2F%2Fblog.iese.edu%2Fmartinezabascal%2Fwp-json%2Fwp%2Fv2%2Fposts%2F2923%2F&text=Si+Panrico+desaparece+pierden+los+empleados%2C+bancos%2C+clientes%2C+proveedores%3B+el+fondo+de+P.E.+no+tanto.+');\" title=\"Tweet This!\">si Panrico desaparece pierden los empleados, bancos, clientes, proveedores; el fondo de P.E. no tanto. <span class=\"non-dashicons\"> <\/span><\/a> El fondo de\u00a0<em>private equity<\/em>\u00a0no puso mucho dinero para comprarla. No parece muy justo\u2026<\/p>\n<p style=\"text-align: left;\"><em>Versi\u00f3n actualizada del art\u00edculo publicado en el\u00a0<a href=\"http:\/\/www.elperiodico.com\/es\/economia\/\" target=\"_blank\">El Peri\u00f3dico<\/a>\u00a0el\u00a013 de noviembre\u00a0de 2013. <a href=\"https:\/\/blog.iese.edu\/martinezabascal\/files\/2013\/11\/Panrico-una-triste-historia.pdf\">Art\u00edculo en pdf<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Una empresa como emblem\u00e1tica como Panrico (Donuts, Bollycao&#8230;) puede desaparecer por la mala gesti\u00f3n de sus nuevos propietarios, que adquirieron la empresa con casi 500 millones de euros en ventas y 22 de beneficio neto. \u00bfC\u00f3mo han conseguido hundirla? <\/p>\n","protected":false},"author":166,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26216],"tags":[],"class_list":["post-2923","post","type-post","status-publish","format-standard","hentry","category-empresa-y-gestion-empresarial"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.1.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Panrico (Donut, Bollycao...) puede desaparecer por la mala gesti\u00f3n de sus nuevos propietarios, que la adquirieron con casi 500 millones en ventas y 22 de beneficio.\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Eduardo Mart\u00ednez Abascal\"\/>\n\t<link rel=\"canonical\" href=\"https:\/\/blog.iese.edu\/martinezabascal\/2013\/11\/20\/panrico-una-triste-historia-de-mala-gestion\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 5.0.1.1\" \/>\n\t\t<meta property=\"og:locale\" content=\"es_ES\" \/>\n\t\t<meta property=\"og:site_name\" content=\"Econom\u00eda para todos - Eduardo Mart\u00ednez Abascal\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Panrico: una triste historia de mala gesti\u00f3n - Econom\u00eda para todos\" \/>\n\t\t<meta property=\"og:description\" content=\"Panrico (Donut, Bollycao...) puede desaparecer por la mala gesti\u00f3n de sus nuevos propietarios, que la adquirieron con casi 500 millones en ventas y 22 de beneficio.\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/blog.iese.edu\/martinezabascal\/2013\/11\/20\/panrico-una-triste-historia-de-mala-gestion\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2013-11-20T09:36:41+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2013-11-21T08:28:29+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary\" \/>\n\t\t<meta name=\"twitter:title\" content=\"Panrico: una triste historia de mala gesti\u00f3n - Econom\u00eda para todos\" \/>\n\t\t<meta name=\"twitter:description\" content=\"Panrico (Donut, Bollycao...) puede desaparecer por la mala gesti\u00f3n de sus nuevos propietarios, que la adquirieron con casi 500 millones en ventas y 22 de beneficio.\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/blog.iese.edu\\\/martinezabascal\\\/2013\\\/11\\\/20\\\/panrico-una-triste-historia-de-mala-gestion\\\/#blogposting\",\"name\":\"Panrico: una triste historia de mala gesti\\u00f3n - Econom\\u00eda para todos\",\"headline\":\"Panrico: una triste historia de mala gesti\\u00f3n\",\"author\":{\"@id\":\"https:\\\/\\\/blog.iese.edu\\\/martinezabascal\\\/author\\\/emartinezabascal\\\/#author\"},\"publisher\":{\"@id\":\"https:\\\/\\\/blog.iese.edu\\\/martinezabascal\\\/#organization\"},\"datePublished\":\"2013-11-20T10:36:41+01:00\",\"dateModified\":\"2013-11-21T09:28:29+01:00\",\"inLanguage\":\"es-ES\",\"commentCount\":6,\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/blog.iese.edu\\\/martinezabascal\\\/2013\\\/11\\\/20\\\/panrico-una-triste-historia-de-mala-gestion\\\/#webpage\"},\"isPartOf\":{\"@id\":\"https:\\\/\\\/blog.iese.edu\\\/martinezabascal\\\/2013\\\/11\\\/20\\\/panrico-una-triste-historia-de-mala-gestion\\\/#webpage\"},\"articleSection\":\"Empresa. 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