Buyers circle as Byron's cookies find new home
The company's receivers, led by PricewaterhouseCoopers partner Derrick Vickers, have begun an expression-of-interest campaign and will be advertising this week.
"We are looking to find a buyer for the business and have already issued a number of information memorandums to parties who have signed confidentiality agreements," Mr Vickers said.
The receivers were appointed by NAB on March 15, just over a week after the company was forced into administration after the Australian Taxation Office tried to wind up the company over $1.7 million in unpaid taxes and superannuation payments. Lawler Partners' John Vouris, who leads the administration, said about 40 parties had registered their interest. This included queries from India.
He said that, based on the company's accounts, it was profitable at the time of administration. He hinted that money lent to related companies - including its retail arm - may have created problems for BBCC, which was responsible for making the product and selling it wholesale.
It is understood NAB took control of sales because it had a secured charge over the business as well as the land it rented from a company associated with BBCC's owner, orthopaedic surgeon Gordon Slater. Documents lodged with ASIC show Mr Slater has said he is owed $300,000. Related companies associated with Mr Slater are owed a further $2.8 million. This includes $146,000 owed to Fortune 5 Pty Ltd, a company that rented some of its property to BBCC.
NAB appointed receivers to Fortune 5 on March 21.
Mr Vouris said Mr Slater had until this week to propose a deed of company arrangement if he wanted to regain control of the company he acquired a decade ago.
A second creditors meeting is scheduled for April 22. Mr Vouris said a creditors report would soon be available and would include his investigation into the collapse of the business. Current and former employees are chasing unpaid superannuation.
Frequently Asked Questions about this Article…
The Byron Bay Cookie Company was put up for sale after it was forced into administration following action by the Australian Taxation Office over $1.7 million in unpaid taxes and superannuation. Receivers appointed by NAB are now running an expression-of-interest campaign to recover funds owed to the bank.
PricewaterhouseCoopers is leading the receivership, with PwC partner Derrick Vickers heading the receivers. The receivers began an expression-of-interest campaign and have issued information memorandums to parties that signed confidentiality agreements.
Yes. About 40 parties have registered interest in the business, according to the administrator John Vouris of Lawler Partners. The enquiries include interest from overseas, with specific queries coming from India.
Based on the company's accounts cited by administrator John Vouris, the business was profitable at the time of administration. However, internal loans to related companies — including its retail arm — may have contributed to the company's collapse.
Documents lodged with ASIC show owner Gordon Slater has said he is owed $300,000, and related companies associated with him are owed a further $2.8 million. That $2.8 million includes $146,000 owed to Fortune 5 Pty Ltd, which rented some property to the cookie business.
NAB took control of sales because it held a secured charge over the business and the land it rented from a company associated with owner Gordon Slater. As a secured creditor, NAB appointed receivers to recover amounts owed to the bank.
Current and former employees are chasing unpaid superannuation, according to the article. This is part of the creditor claims process handled in administration and receivership, and a creditors report — including an investigation into the collapse — was expected to be made available soon.
A second creditors' meeting was scheduled for April 22. Owner Gordon Slater had until this week to propose a deed of company arrangement (DOCA) if he wished to try to regain control of the company he acquired about a decade ago.
Call 1300 880 160
Start a chat
Schedule a call
