The leading
cooperative in Jerez established at the end of the 1980s with great hopes now
finds itself in receivership owing over €1m, some say more like €2m. Aecovi
consists of a group of cooperatives: Coop Las Angustias which is owed €200,000,
Covisan €130.000 along with the Coops of Chiclana and Chipiona which are owed
unspecified amounts.
Aecovi has
been facing cash flow difficulties since early this year and is meeting with
its creditors, mainly banks and public institutions, but so far without the
desired result. It is trying not to involve the member coops in its problems,
though more support from them would have been helpful. The administrators are
trying to find a way to re-float Aecovi and avoid liquidation.
The
cooperative has a large range of products: three ranges of Sherry: Alejandro,
Santiago and Mira la Mar, Sherry vinegar, sauces and condiments. They have a
modest modern office block, a laboratory, bottling plant and 17 “young and
dynamic” staff. They already sell wine in Russia, Japan, Australia, the US and the UK, and
were really going places, but the crisis caught up with them. Let us hope this enterprising group can be saved.
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