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    Scottish drinks firm rescued from administration

    Category: Scotland Business News — Gary Cain on March 24, 2012

    Sangs, an Aberdeenshire-based soft drinks company, has been rescued from administration following a successful buyout by US firm Cott Beverages.

    Sangs, based in Macduff, was forced into administration at the beginning of the year despite the protestations of its former owner, Kenny Webster. Claiming that Allied Irish Bank took the action without warning, at the time of the buyout being announced Mr Webster said:

    “I’ve always maintained that Sangs was a company in profit, in growth, with no cash flow issue. We never defaulted on a loan interest or supplier payment and we received no notice of administration from the bank.”

    As if in support of Mr Webster’s claims, there are known to have been more than thirty expressions of interest in the company since the administration order was confirmed.

    It is unclear whether any of these interested parties were Scottish. With commercial finance still tight in many areas, it is possible they were not.

    However, it is clear that Zolfo Cooper, joint Administrator for Sangs, were keen to retain the flavour of Scotland the company has. Speaking about the buyout, Liz Mackay from Zolfo Cooper said:

    “We have always been of the mind that the people, products and provenance of this very special, and uniquely Scottish business, had a great deal to offer and today’s news clearly confirms that view.”

    Cott Beverages is a multi-national corporation, with interests in North and South America as well as the UK. Employing 4,000 staff worldwide, the 60 positions presently in place at Sangs in Macduff will all be retained.

    'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

    1 Comment »

    1. Very glad to hear Macduff jobs are going to stay put. It’s rather shocking that IAB simply decided to call in the administrators, though – has anybody got to the bottom of this?

      Comment by Noel — November 21, 2012 @ 3:37 pm

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