All D2P Cases
12 casesEast Coast Bakehouse: From Expansion Losses to Bisca-Backed Recovery Through Irish Examinership and Industrial Investment for Sustainable Growth
East Coast Bakehouse built a modern 50,000-square-foot factory designed to produce 20,000 tonnes of biscuits annually. The investment supported productivity, competitiveness, exports and private-label growth, but profitability lagged behind expansion. In the financial year ending February 2024, revenue rose 80% to €11.2m while losses narrowed from €5.7m to €2.2m. Management said turnover had reached the level needed to break even in the year ending February 2026, yet cumulative losses had reached about €31.6m by 2025. On 15 January 2026, the company sought examinership amid raw-material inflation, rising operating costs and tax-debt repayment pressure. The process protected the business while a new investor was found. Bisca completed an approximately €13m acquisition and investment in April, effective 1 May, refinancing secured debt, funding the court-approved arrangement and providing working capital. East Coast Bakehouse remained an independent subsidiary, and 78 Drogheda jobs were retained. The result is a capital and ownership turnaround, not proof of restored long-term profitability.
ClearBank Case Study: From Payment Rails to Profitable Embedded Banking and a More Resilient Fee-Based Platform in Britain
ClearBank had to prove that a licensed, cloud-based banking infrastructure model could convert rapid scale into durable economics. In 2022, revenue grew 173% to £58m, but the group still recorded a £7.1m pre-tax loss; the UK business had only reached monthly profitability. Management expanded embedded banking partnerships, platform products and international capacity, supported by £175m of 2022 funding. The approach produced stronger scale: 2023 revenue grew 91% to £111.3m, with a first full-year pre-tax profit of £18.4m. In 2024, the UK business generated £9.9m of adjusted pre-tax profit for a second consecutive profitable year, while fee income rose 63% to £53.3m. The group still reported a £4.4m adjusted pre-tax loss because of European expansion, group restructuring and revenue-mix changes. The case is therefore a UK banking-business turnaround, not proof of group-wide profitability.
Wayflyer Rebuilds Growth Through Cost Discipline and Selective Fintech Expansion
Wayflyer expanded rapidly, growing its workforce from about 250 to about 500 people before management concluded that the previous 15 months had been too aggressive. In November 2022, it announced approximately 200 global job cuts, including about 70 in Ireland, bringing global staffing to roughly 300. The decision protected the core revenue-based financing business while resetting operating costs. In 2023, revenue rose from €36.3m to more than €62.5m, while total costs declined from more than €82m to about €68.5m. Pretax operating loss narrowed from about €76.9m to €40.9m, although the company remained loss-making. Later self-service, Amazon and wholesale financing broadened its addressable market.
Masthaven Finance: From Bank Expansion Back to Specialist Lending — Why a Founder-led Non-bank Reset Replaced Retail Banking
Masthaven Finance began in 2005 as a specialist property finance provider and obtained a full UK banking licence in April 2016. Its banking expansion produced scale: by April 2022, it had issued more than £1.4 billion in loans and held over 25,000 savings accounts containing approximately £1.6 billion. Yet the combined bank model also brought strategic, capital and regulatory constraints. In February 2022, Masthaven announced that it would stop taking new personal savings and new residential mortgage business, targeting a complete exit from those markets by the end of 2023. Starling acquired most of the business it wanted, particularly mortgage assets, while founder Andrew Bloom bought back the remaining bridging and development finance operations. Those activities were combined with Spring Finance. In February 2025, Companies House recorded the name change to Masthaven Finance Limited and related control changes. By January 2026, management described a business with more than 50 employees, approximately £100 million of Macquarie financing, and growth plans based on products, technology and lower rates. Public information does not yet establish post-restructuring profitability.
HRS Turns Hydrogen Order Volatility into a Cash-Quality Turnaround Focused on Execution
Hydrogen Refueling Solutions faced a sharp gap between apparent order momentum and dependable business performance. In 2024/25, gross revenue was €26.0m, but cancellations and project downgrades reduced IFRS revenue to €11.3m from €24.8m in 2023/24. Hype cancellations affected about €9.0m, GCK and Hopium cancellations affected about €2.3m, and the pHYnix downgrade affected about €3.5m. HRS responded by screening projects for confirmed installation schedules and demonstrated payment capacity, reallocating equipment from cancelled orders, and implementing Apollo. Operating expenses fell 10%, maintenance revenue grew 56% to about €0.8m, and installed stations reached 29 with availability above 95%. The turnaround improved business quality, but it did not yet produce profitability: recurring EBITDA was -€8.6m and net loss reached €11.7m.
Herold GaLa Bau: Scaling a Specialist Urban Landscaping Contractor
Herold focused on large construction projects, professionalized its organization and invested in specialist equipment. The approach lifted enquiries, revenue and headcount, but later bankruptcy proceedings exposed the risks of rapid expansion.
Artec Electro: Profit Recovery After Electrical-Business Group Integration
French electrical-engineering company Artec Electro changed from SARL to SAS in 2023, while Artec Groupe replaced the former manager as chairman. The company reported a net loss of approximately 20.4万欧元 in 2023, then returned to a net profit of approximately 42.8万欧元 in 2024, with sales of approximately 639.1万欧元 and cash of approximately 72.7万欧元. Public information supports the improvement, but does not prove that group integration caused it entirely.
How Rairies Montrieux Pivoted from a Floor-Tile Crisis to Facade Growth
After demand for traditional terracotta floor tiles declined, Rairies Montrieux faced bankruptcy in 2015. Rather than abandoning its manufacturing capabilities, the company redirected them toward thin terracotta facade slips. It rebuilt the business through engineering, custom products, and architect-specification channels. By 2023, revenue had reached approximately €16.2 million, and facade products later represented about 90% of the business.
Proxi.cloud Approached Break-Even After Joining the Blix Ecosystem
As an independent company, Proxi.cloud had to solve data scale, customer acquisition, and retail access on its own. After Grupa Blix acquired 100% of the company in 2024, Proxi.cloud retained operational independence while gaining access to shopping apps, customer relationships, and sales channels. In 2025, revenue rose 24.9% and the net loss fell 92.0%, although public evidence cannot attribute the entire improvement to the acquisition.
How Grizzly Cut Its Team and Reversed a €205,636 Loss
Grizzly’s Belgian entity fell into loss after rapidly expanding its workforce in 2022. It subsequently reduced average FTE to around 28 while continuing to sell SEO, paid media and standardized service packages. Higher gross profit per employee helped the business reach a net profit of €210,166 in 2025.
How Gambling.com Abandoned Its East Asian Bet for Europe
East Asian online gambling regulation did not open as expected, making WSN’s football content traffic difficult to monetize. During 2009—2011, the company pivoted to European online casino affiliate marketing and acquired the Gambling.com domain. Revenue increased from $11 million in 2017 to $27.98 million in 2020.
How Genius Sports Turned Expensive Sports Rights into a Growth Gateway
Genius Sports absorbed the upfront cost of premium official sports rights, using long-term and partly exclusive agreements to secure critical data access before expanding into betting, media advertising, and league technology. From 2022 to 2025, revenue, gross margin, Adjusted EBITDA margin, and operating cash flow improved substantially. However, GAAP net losses and the cost of renewing strategic rights remained unresolved risks.