Koko Black: Voluntary Administrators appointed has been saved
Koko Black: Voluntary Administrators appointed
11 November 2015: Deloitte Restructuring Services Partners Sal Algeri and Glen Kanevsky have been appointed Joint Voluntary Administrators of Melbourne-based premium chocolate manufacturer and retailer Koko Black (ACN 060 294 144) effective 10 November 2015.
Koko Black was established in 2003 with a single outlet (a combined manufacturing facility and café) in the Royal Arcade in Melbourne’s CBD. Since then, the business has grown significantly, and today operates from 14 locations in Australia: Melbourne (7), Sydney (2), Perth (2), Brisbane (1), Adelaide (1) and Canberra (1). A recently opened outlet in Queenstown, New Zealand is not subject to the appointment.
Koko Black’s central manufacturing facility is in Coburg, Victoria. The business currently employs approximately 300 people across retail and manufacturing operations.
Sal Algeri, Deloitte Restructuring Services partner and joint Voluntary Administrator said: “Koko Black is synonymous with innovation and quality of product and service.
“The business expanded very rapidly and undertook a series of major projects over the past 18 months. In combination, the level of activity was beyond the resources of the business.
“Our appointment will not have any impact on Koko Black’s operations. It’s important that customers, suppliers and employees understand that it’s business as usual.
“Christmas is historically the strongest trading period of the year and we urge everyone to support the business during this time.
“We will be examining all options to recapitalise and restructure the business with a view to underpinning its future viability and growth.”
A first meeting of creditors will take place on 19 November 2015.
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