Tuesday, 3 March 2015
2.3.15 Aecovi in Receivership
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.