The crisis hits promoter Angevin P2i hard


Founded in 1994 in La Ferté-Macé in the Orne, P2i began operations in Le Mans with 50 to 100 residential units per year for more than a decade. Change of scope in 2011: the company was taken over by Gilles Madre, residential and business properties in the Pays de la Loire.

The company is heavily active in Nantes with flagship operations such as Naonys (12,040 m2 of office space), but is firmly anchored in Angers, notably with the acquisition in 2018 of the historic local operator Abraham Promotion. From its base in Angevin, P2i is expanding throughout the wider west, in Ile-de-France and also in the Auvergne-Rhône-Alpes region, notably from 2022 with the opening of an agency in Annecy.

2023, the dark year

2022 will be an important year for the group, which with around a hundred employees and an already complex environment will cross the symbolic threshold of 100 million euros in turnover (102.5 million euros, +32% in one year), with a sharp increase in net income to 4.97 million EUR without tax (i.e. 4.85% of turnover)

The deep crisis that the advertising sector has been going through since the beginning of 2023 has tarnished this beautiful story. Despite a turnover of €120 million, an increase of 17%, P2i now shows a negative net result of €8 million.. Disruptions in the real estate market led to a prolonged lock-up of equity in operations, resulting in a short-term liquidity problem for operators. Faced with significant supplier debts, P2i was called upon to respond. Allegedly, negotiations are underway with creditors to postpone installments by maintaining interest payments and renegotiating rates.

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“We have undertaken extensive work with our bond and banking partners to raise funds,” Gilles Madre explains to Le Moniteur. We carry out block sales of real estate programs for the benefit of social landlords and private investors. And to consolidate our resources, we are also selling a number of real estate operations and assets to peers, real estate companies and specialty companies,” he continues.

In the latest report on the “Voltaire” project in Angers addressed to investors, the real estate crowdfunding site Homunity assures that “the P2I group has 30 projects under construction, representing more than 12 million euros in gross margin and in order to alleviate the economic and short-term cash flow requirement, 61 projects are sold by the operator, of which 31 have been sold or are in the process of being sold.

Restructuring

More broadly, the company is revising its model to adapt to this structural and economic crisis. “A restructuring of agencies and teams is coming,” says Gilles Madre without further clarification. “P2i is fully mobilized to maintain sustainability and the sustainability of the ecosystem that depends on it,” he assures. This should include cutting wages, closing some agencies and reducing overhead costs.

The main thrust of this restructuring will be borne by the project of the new headquarters, which the group planned to build in 2026 opposite the Raymond-Kopa stadium. “All the resources of the group are mobilized for operations. And the headquarters is actually no longer a current project,” confirms the manager.

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