Cambridgeshire-based dealer Olive Branch Catering Equipment (OBCE) has entered insolvency due to many project scheduling problems which appeared in summer 2016.
MD Phil Alexander told Catering Insight: “The issues started in my company when some main contractors moved out dates for installations, leaving us with blank spaces in the diary, and when the installs finally arrived they concertinaed over one another, leaving our supply chain exhausted.
“Furthermore to try and satisfy these projects we had little option but to loan against the business and have our clients buy direct from the supply chain; this was when the downward spiral started. Main contractors then started with contra charging and leaving unpaid invoices in excess of £300,000.”
He further reported: “It’s with great sadness Olive Branch has now been required to close its doors. This year being our tenth in business, myself and the team are very sad to say goodbye to many customers and suppliers that have seen us right over the years. Our growth throughout our start in 2007 has been extraordinary, the types of installations we were completing astounded me, and the future was a very bright one.”
Birmingham-based Greenfield Recovery has been appointed as the insolvency practitioner for this case, and has sent out letters to all known creditors.
Alexander is now leaving the catering equipment industry to start up his own CRM, web building, marketing and technology support company.