Fri, 09 Aug 2013 | ADMINISTRATION
A premium juice company has been liquidated after falling victim to cashflow problems.
Based in Stirling, Get Juiced began life as an enterprise based within a St Andrews coffee shop 15 years ago. It included upmarket hotels, such as Gleneagles, and supermarkets, including Aldi, among its customers.
Despite strong investment in high-end production equipment and a broad sales distribution network, provisional liquidator, Donald McNaught, director of insolvency at the Glasgow offices of accountancy firm Johnston Carmichael's, said that the company's plan had narrowly failed.
He told the Herald Scotland: “It was definitely at the growth stage of the business cycle. They had a pretty significant cash burn as they looked to develop new products and looked to extend the customer base. They were very much aiming for volumes of business - later on, had they achieved the volumes, the cost base would have been more commensurate with that.”
He added that the fact that the group was financed by a shareholder who decided that this approach was “not sustainable” meant that they were unable to continue. However, Mr McNaught noted that the firm really wasn't “that far from bridging the gap”.
The optimism of the liquidator could be good news for potential buyers. He noted that it is too early in the liquidation process to make solid comments on the firm's liabilities, but he did show optimism developing the company under a new owner.
The liquidator went so far as to suggest that it represented a “great opportunity for someone to pick up a good brand with a great customer base and a ready-to-go production line. It is very much a premium product. If you go into Gleneagles or St Andrews Bay [now Fairmont Hotel], hotels like that are customers of the business”.
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