The Netherlands’ leading toner cartridge remanufacturer has closed its doors after 26 years in business, following Deutsche Bank’s exit from the Netherlands’ SMB sector.
Last September Deutsche Bank said it was undertaking a restructuring plan, refocusing on growth in the U.S. and Asia, with a reduced focus on Europe. But at the same time, the bank said it planned to double down on corporate lending in Germany.
In 2010 the bank bought some corporate banking assets from nationalized ABN Amro for €700 million ($937.5 million), and this acquisition enabled Deutsche Bank to add 34,000 clients to the bank’s portfolio. In its fourth-quarter report, the bank said it had re-evaluated its business in the Netherlands, and made the decision to cut less profitable business areas. In April this year it then announced it was shedding around 18,000 small clients, representing about 75 percent of its client base in the Netherlands, in order to focus on larger corporate customers.
Jan Luijks, Founder and Owner of Cartrec, stated: “Following Deutsche Bank’s actions against the 18,000 SMBs in the Netherlands, including Cartrec, there is no way whatsoever that we were able to find another bank to provide our working capital.
“Despite all our efforts to reduce costs and restructure the business, in the end we would not be in control, and Deutsche Bank would always determine what had to be done. When a bank comes to tell you what to do, your options are very limited, and for us that meant putting a long established and good family business into bankruptcy.
“The Cartridge Factory B.V. has taken over the business of Cartrec. I funded The Cartridge Factory with enough new working capital, and I will now start looking for a new role, and I hope to remain in the industry.”
Jan Luijks can be contacted by mobile phone at +31 6533 50071.