Glasgow-based independent retailer Calanike has been placed in receivership by its lender, and is up for sale. Elizabeth Mackay, Ryan Grant and Anne O’Keefe of Zolfo Cooper have been named as receivers to the company, which operates 19 freehold fuel service stations under a mix of brands in Scotland and England.
Elizabeth Mackay said that the receivers would continue to operate the business as normal, and that Calanike represented an opportunity for a suitable buyer. “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," she said, adding her thanks for the "ongoing dedication and professionalism" of the company's staff.
Speaking to local media, Calanike founder Kenny Webster (pictured) criticised the company's lender, Allied Irish Bank (AIB), for placing the company in receivership. AIB also placed his drinks manufacturing firm, Sangs, into administration, and Webster said that the move came as a significant surprise. "Allied Irish decided to put Sangs into administration with almost immediate effect, giving us absolutely no opportunity to discuss it with them, or find an alternative solution, despite our pleas. That would be shocking enough but given that Sangs is a company in profit, in growth, with, despite information to the contrary, no cashflow issue and has never defaulted on a loan interest or supplier payment, I am completely at a loss to understand why they’ve done this,” he remarked, adding that AIB used a cross-guarantee to place Calanike into receivership.
“Together with my team, I’ve poured my heart and soul into these businesses and to have them ripped away like this without warning is beyond heart-breaking,” said Webster. “It's put the jobs of more than 250 people on the line without giving us the opportunity to refinance, which we could easily have done. They even knew about plans to sell Calanike, which would have totally cleared our debt."
Glasgow-born entrepreneur Webster leased his first fuel service station in 1983 at the age of 20. he founded Calanike in 1998, before acquiring Sangs in 2007. He told reporters that he is working with Zolfo Cooper to investigate the options for the future of both firms.
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