Director of Calanike Retailing Kenny Webster has said he is "absolutely furious" about Allied Irish Bank’s (AIB) shock decision to place the company in receivership while putting his drinks business Sangs into administration.
"To say that this has come as a shock is more than an understatement," said Kenny. "Allied Irish decided to put Sangs into administration with almost immediate effect, giving us no opportunity to discuss it, or find an alternative solution, despite our pleas. That would be shocking enough but given that Sangs is in profit, in growth, with no cashflow issue and has never defaulted on a loan or supplier payment, I am at a loss to understand why they’ve done this."
AIB also used a cross-guarantee to put Calanike in receivership. "Previous to this, they had never once discussed the health of the company with us this is a company that has net assets valued at almost £5m, an excellent credit rating and, in our last financial year, profit before tax of £192,000.
Calanike operates 19 freehold petrol stations across mid-Scotland and Northern England. The Kirkintilloch-based company employs approximately 170 staff. Kenny is working with his lawyer, accountant and corporate advisory and restructuring specialist Zolfo Cooper to investigate all possible options regarding the future of both Calanike and Sangs.