Australian condiments firm Spring Gully Foods has left administration after creditors backed a rescue plan.
Spring Gully moved into voluntary administration in April after losing sales and owing creditors A$3m (US$2.7m). Administrators then pointed to lost contracts with Woolworths Ltd, Coles and Aldi.
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However, consumer support boosted sales and the company secured a new contract with Coles and reportedly won extra orders back from Woolworths.
Under the deal with creditors, Spring Gully will pay them in full over two years.
“We are very excited to announce that at our creditors have passed the proposal we put forward – therefore Spring Gully Foods is now back in the hands of the families which began the company over 60 years ago,” Spring Gully posted on its Facebook page.
“A huge part of us getting to this point has been a result of all the support we have received – So on behalf of the families and staff at Spring Gully Foods – thank you.”
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