Gordon Brothers Europe Strengthens Spanish Company, Pórtico, Preparing it for a New Phase in its Development

Press Release
Gordon Brothers Europe, the European subsidiary of the global advisory restructuring and investment firm Gordon Brothers Group, has announced today it has provided support to iconic Galician homeware and gift store chain Pórtico, which has successfully completed its restructuring and exited the insolvency proceedings it entered in June 2013.

Gordon Brothers Europe has provided Pórtico a merchandise and imports purchasing agreement, valued in excess of 2 million euros, in order to improve stock availability, especially for the wholesale market in which Pórtico is a major player in Spain.

This agreement forms the final step in a restructuring process for Pórtico, which has resized the Vigo-based company enabling it to adapt its business volume to the new market reality. Throughout the entire insolvency process, the company has maintained its logistics facilities (one of the most advanced automated warehouses in its sector, in Europe) and around twenty points of sale in Galicia and Madrid, as well as some 20 franchise agreements across Central and South America.

With Gordon Brothers Europe's support, Pórtico is now in a position to immediately relaunch its activity and strengthen the range of products available at its stores, thereby guaranteeing the wholesale line for the Christmas campaign, in addition to having a significant presence again at the upcoming Intergift trade fair, held in Madrid in September.

Commenting on the transaction, Malcolm MacAulay, Chief Operating Officer at Gordon Brothers Europe, said: "Following the recent successful restructuring of Blanco, Gordon Brothers Europe continues to demonstrate it’s restructuring expertise in Spain. We have worked closely with Pórtico's management team to help them optimise their assets. This supports the continuity of the business, and allows them to concentrate entirely on their sales activity for the coming season".

Emilio Castro, Pórtico General Manager, highlighted the following: "We are really pleased that a prestigious company such as Gordon Brothers Europe has bet on the future of Pórtico. Thanks to the merchandise purchasing agreement that we have reached, coupled with our knowledge of the market, the support of international suppliers and the efforts of our employees, we are now in a position to take the company successfully forward. In this regard, we have maintained our facilities and stores, and offer excellent service to our wholesale clients, offering them, once again, the most competitive collections in the Spanish market in the home decoration and gift segments".

About Pórtico

Pórtico (www.portico.es) is a company based in Vigo specialising in the home decoration and gift sector. The company, with more than 180 employees, has 17 shops in Galicia and 3 in the Madrid Autonomous Region, including the store at the Alegra shopping centre, which has a sales floor measuring 3,000 m2. The company also has an association and franchise agreement with 20 stores in Chile, El Salvador, Nicaragua, Uruguay and Venezuela. Pórtico has one of the most advanced automated warehouse facilities in its sector in Europe, boasting two completely automated vertical storage and retrieval systems for the dispatch and management of 44,000 pallets of stock. The facility also has a stock picking system with over 26,000 positions, coupled with the longest single-movement order preparation line in Spain with 420 positions.