Steve Jordan talks to Lenny Madussi about his work to recapitalise and rejuvenate his Swiss-based company.
It was on 23 April, 2023 that FIDI members were advised that the FIDI affiliation of SGRS in Switzerland had been cancelled. That was the culmination of what had been a few difficult years for the company which had caused financial difficulties. But it does not represent the end. Lenny Madussi, the company’s chairman, remains stoic and determined to revitalise the organisation with which he has been associated for so long.
Lenny had sold his company MS Move Management to SIRVA in 2015, which was when he started SGRS. But in 2019 he bought the company back ( see The Mover Sept 2019). “The figures were not good,” explained Lenny, “so there was a lot of work to do.” But then came COVID. Many companies suffered badly during the pandemic years and Lenny acknowledges that the company had financial difficulties. It was this difficult situation that eventually led to the company leaving FIDI.
But in 2023, Lenny recapitalised the company to improve its financial position and begin to recover its financial standing. Lenny explained that it’s still work in progress, but agents were now receiving payments. “The problem is not solved yet, but it is gradually getting better and better,” he said. “We are catching up.“ He also is prepared to make a second injection of cash should it be necessary.
Meanwhile SGRS needs to continue trading and has no shortage of tonnage ...
Photo: Lenny Madussi.