Following its bankruptcy in early January, a module manufacturer has appointed a new CEO, Mads Seneca Simonsen. Simonsen, who has 14 years of experience with the company, previously served as the development manager.
Mads Seneca Simonsen, the new CEO of Scandi Byg. Photo: Scandi Byg.
He expressed his relief at the new direction, stating, 'It has been a turbulent few weeks for Scandi Byg, so I am very pleased that we can now start looking forward and, in close collaboration with Nordic Wood Industries, create a new and more sustainable version of the company.'
Scandi Byg, now smaller than before, has rehired around 85 employees and will continue its operations in Løgstør. The company will focus on completing ongoing projects and intends to carry forward the profitable aspects of the business. Simonsen reiterated, 'Our first task will be to complete some of the ongoing construction cases in a good and orderly manner,' and added that the company would focus on its core competence of modular building production.
One of Scandi Byg's largest projects, the construction of 172 homes in Fælledby, will not be completed due to the bankruptcy. This project was previously the company's biggest order. The bankruptcy stemmed from two large, unnamed projects for the same client, which caused financial strain. The new leadership aims to restructure the company, making it more efficient and sustainable, while reducing its involvement in large turnkey contracts.
Source: www.wood-supply.dk