Tuesday, 30 June 2015

30.6.15 Aecovi Administration

While some bankruptcy administrations take a very long time, it seems that in the case of Aecovi, the largest cooperative in Jerez, it will be concluded in record time, hopefully by the end of July.  The administrator appointed by the mercantile court of Cádiz has received permission to sell off perishable assets such as wine, vinegar and brandy, and to pay off the 12 staff whose wages were two months behind. The banks will probably get the buildings.

The Alejandro range (foto:diariojerez)
Income was not sufficient to cover interest payments and general expenses, especially those of the brave attempt to modernise and diversify. Towards the end of the 1980s Aecovi decided to market its own brands to help reduce excess production, good brands which were beginning to meet some success in export markets: Alejandro, Santiago and Miralamar. They were even close to producing the first organic Sherry. This is all a terrible shame.

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