By challenging management’s assumptions on a global scale, PwC is committed to supporting Lotus Bakeries’ ambitious journey
Lotus Bakeries, a Belgian bakery founded in 1932 known for its biscuits and biscuit-based products, has worked hard to achieve its front-runner position and become the number-one biscuit brand in Belgium, and it’s looking to maintain it and expand over the globe.
It wants to be a regular feature on the shopping list of consumers around the world, with its ‘speculoos’ products among others.
Discover why Jan Boone, CEO, Lotus Bakeries, deems our people’s passion for what they do so important.
PwC has been Lotus Bakeries’ auditor and deals advisor for more than a decade, over which time we’ve built up a relationship of trust and complete confidence. Based on the strength of our relationship, Lotus Bakeries renewed our audit mandate.
"We look for long-term, sustainable opportunities and seek the same commitment from our suppliers," says Jan Boone, CEO, Lotus Bakeries.
"It takes time to build up confidence in a team. It can take years to build the credibility that forms the basis of that confidence. You need to know that a supplier is there not just for the good days, but at challenging times too. And that they’re also looking at the long-term perspective. That’s what we have with PwC," Jan Boone adds.
Our strong relationship means both parties enjoy open dialogue and can discuss issues in a frank way, with confidentiality assured. One of the reasons Lotus Bakeries opted to continue working with PwC for its audit and deals requirements was our ability to challenge the client and highlight potential risks and opportunities, across the world.
As part of a global network, we’re able to offer Lotus Bakeries the support it needs wherever it operates and as it seeks to enter new markets, always delivering the same high standard of quality both in terms of services and people.
Indeed, for example, we supported Lotus Bakeries with an acquisition in Korea. In this case, Jan Boone notes, "It’s crucial that people at PwC Belgium know their Korean counterparts so that we have access to the right specialists on the ground."
"PwC not only understands our strategy, but takes a real interest in the company. We’ve achieved the position of number one cookie brand in Belgium, and PwC is as committed as we are to helping us retain that accolade."
Able to call comfortably on specialists in many different countries and discuss the market, the environment, local regulations and other key aspects not just saves Lotus Bakeries time, but means it can also have faith in the answers provided.
Having invested in getting to know and understand Lotus Bakeries’ business and strategy, we’re also well placed to ask the right targeted questions to make sure work is carried out as efficiently as possible.
According to Lotus Bakeries, our people and the way PwC communicates with the client, at all levels, are key differentiators. “Everyone we work with from PwC is respectful to all our employees from production to senior management,” explains Jan Boone.
He adds, “Reports are written in a clear and concise way to make sure information is easily understood by all stakeholders, in Belgium and abroad. We hold regular meetings with open dialogue, which is crucial in such a relationship. In that way, we act early on potential issues and mitigate possible impact, placing us in a stronger position going forward,".