When we talk about business creation, the dominant image remains that of a new project, built from scratch. However, in France, hundreds of companies in difficulty change hands each year, often to start on solid bases. The acquisition of a company in receivership remains a lever unknown by many entrepreneurs, despite the advantages it offers: access to existing assets, loyal customers, established know-how, and attractive financial conditions. Some French companies have made this strategy an engine of their growth.
A recovery facilitated by a clear legal framework
The receivership procedure in France is supervised by specific rules, which allow potential buyers to offer a partial or total transfer plan for assets. This framework offers appreciable legal protection: the buyer is not held previous debts, with specific exceptions. The example of the André brand is emblematic. Placed in recovery in 2020, the shoe brand was partially taken up by the 1monde9 group, led by Frédéric Planchon. The latter has kept part of the stores and employees, while refocusing the offer to restore the brand.
The recovery in recovery thus makes it possible to capitalize on existing elements – notoriety, points of sale, contracts – while reconfiguring the activity without being hampered by past commitments. This mechanism constitutes an interesting springboard for entrepreneurs who wish to accelerate their development without leaving a white sheet, while limiting financial risks.
Buy at the right value without undergoing history
The case of the acquisition of the Halle by Beaumanoir in 2020 also illustrates the opportunities offered by a well -negotiated bankruptcy. The Breton group has resumed several hundred stores and around 2,500 employees of the Halle, in full deconction after years of complicated management. Beaumanoir did not resume all of the liabilities or the deficit subsidiaries, focusing its offer on assets deemed strategic.
This selective approach allows buyers to benefit from a lever effect: acquisition of assets at a cost lower than their initial value, without the inheritance of past errors. This requires a fine analysis of the file – active, personal, customers, competitive environment – but offers a considerable room for maneuver to rebuild a lasting activity. Far from being an operation risky by nature, the redemption in recovery is often a rational investment for those who know how to quickly and precisely assess the issues.
Transform an apparent failure into a growth accelerator
In 2017, the French SME Faguo, specializing in eco -responsible fashion, seized the opportunity to strengthen its distribution network by buying certain store stores in difficulty. By targeting quality locations and existing structures, Faguo was able to develop its physical presence at a lower cost, while mastering its commercial strategy and adapting spaces to its brand identity.
This type of pragmatic redemption transforms an apparent passive – an empty room, an overwhelming clientele – with useful assets for a rapid expansion strategy. It saves on installation costs, acquire advantageous lease contracts and benefit from a certain curiosity effect on the part of a local clientele accustomed to the presence of the place. Recovery in recovery thus becomes a strategic implementation tool, particularly relevant in a context of saturation of the best commercial locations.
Learn to existing know-how
In the food industry, the resumption of the Alsatian company Poulaillon by its own executives, after a difficult period, shows that buying up in recovery can also make it possible to preserve and exploit unique know-how. Rather than letting the company sombre, the buyers supported a continuation plan, restructured the offer and revitalized the brand without sacrificing the quality heritage that had made its success.
Litting to existing know-how, formed teams and an already in place organization makes it possible to drastically reduce the time of operational implementation after the recovery. This offers an immediate competitive advantage: the entrepreneur does not start from zero, he relies on a tangible basis, which is to improve and reposition. This anchor also makes it possible to maintain precious human capital, often underestimated in conventional financial assessments.
Benefit from enhanced support
The Chambers of Commerce and Industry (CCI), as well as the Commercial Courts, play a key role in the transmission of companies in difficulty. They facilitate access to information, organize audiences for presenting the transfer plans, and can direct buyers to specialized experts. In 2021, on the occasion of the partial resumption of the Camaïeu brand by Bordeaux real estate financial, the Lille Commercial Court allowed a rapid, structured and accompanied operation, reducing the risks of shadow to the legal or social table.
This institutional support reassures potential investors. It makes it possible to anticipate legal problems, to negotiate social conditions and to benefit from relative transparency on the real financial situation. It is an aspect often underestimated by entrepreneurs, even though it constitutes a considerable advantage compared to a classic acquisition, where information is often asymmetrical.
Take advantage of a favorable market dynamic
The recent increase in receivership procedures opens an unprecedented field of opportunities for entrepreneurs capable of acting quickly and in a targeted manner. In 2023, according to the Altares Observatory, the number of business failures in France increased by 35 % compared to the previous year, affecting both VSEs and structured SMEs. This phenomenon is not only a sign of economic fragility, it also creates a pool of assets, know-how and brands available in advantageous conditions.
Some companies have already understood the interest of this situation to strengthen or diversify. Thus, the French automotive group Emil Frey bought several concessions in difficulty to expand its network without initiating the development costs of new locations. The recovery here becomes a rapid expansion lever, making it possible to capture new market shares with lower initial investment, while benefiting from existing structures ready to restart.
