Montero at 15% of 2008 business level

Montero, the drug distributor controlled by Tudorache family and that entered insolvency this year, saw it turnover nosedive, coming to generate turnover of just 15% of the level of 2008, when it derived over 70m euros. The company now has 40-50 employees, namely 10% of the 2008 headcount. Montero’s steep turnover decline comes as the pharmaceutical market has kept rising in recent years, and no other company in the industry is in a similar situation. “The main problem was related to cash flow, generated by late payments on the market. This is a challenge for all distributors on the market,” said Radu Ioan Tudorache. Montero business, started more than ten years ago by Radu Tudorache and in recent years taken over by his son Radu Ioan, showed the first signs of decline as early as 2008, when losses amounted to 3.7m euros, and the general manager of that time, Flavius Hadadea, left the company. Tudorache, who also invests in businesses such as Remedio drugstore network, as well as in the IT and real estate fields, is waiting for the list of lenders to be finalised to come up with a reorganisation plan.