Glasgow-based Top 50 Indie Calanike Retailing Ltd, founded by managing director Kenny Webster in 1998, is in receivership, and seeking interest from potential buyers.
Elizabeth Mackay, Ryan Grant and Anne O’Keefe, partners at corporate advisory and restructuring specialist Zolfo Cooper, were appointed joint receivers over Calanike Retailing Limited today (January 16, 2012).
Calanike operates 19 freehold petrol stations across mid-Scotland and Northern England, which trade under Esso, BP and other independent brands. Headquartered in Kirkintilloch, East Dunbartonshire, the company employs approximately 170 staff.
The receivers said they were appointed as – in a particularly challenging industry sector – the company was facing an unsustainable financial position. Following appointment, the joint receivers will continue to trade the business while exploring all possible options for the future of the business including a sale as a going concern.
Elizabeth Mackay, Partner at Zolfo Cooper, said: “Calanike Retailing has established a significant footprint across the central belt of Scotland and Northern England as a leading independent fuel retailer and we are confident we will receive significant interest from third parties for the business. To that end, we would welcome enquiries from potential buyers.
“In the interim we will continue to trade the business as normal and would like to thank all staff for their ongoing dedication and professionalism during this process.”