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Azzura Gelati goes into voluntary administration

Azzura Gelati’s ice cream and sorbets were once stocked by major supermarket chains, but the ice creamery has now ceased trading.

Dino Travaglini and Bruno Secatore of Cor Cordis Chartered Accountants were appointed as administrators of parent company Azzura Enterprises on December 30, SmartCompany reports.

The Perth-based ice creamery and manufacturer was at one stage the state’s largest ice-cream producer and in 2010 was bought out by the Odorisio’s daughter and son-in-law, Fleur and Marco De Campi.

Azzura exported ice-cream and sorbets to Singapore and its products were stocked by Perth restaurants and cafes, as well as IGA, Coles and Woolworths supermarkets. At the time of entering administration, it employed 15 employees.

Administrator Dino Travaglini told SmartCompany Azzura’s operations have been suspended while Cor Cordis undertakes a review of the company.

“We are looking at trying to sell the business’ assets and we are also in discussions with the directors to restructure the company,” says Traveglini.

“We are looking at both options.”

Travaglini confirmed Azzura’s supply arrangements with local eateries and supermarkets were still in place at the time of the company entering administration, saying the administrators are revisiting the arrangements to determine if they can continue if the company is sold.

Travaglini said it was an overall drop in sales that promoted the appointment of administrators. At its peak, Azzura Gelati was turning over $2 million annually, but that had fallen to $1.6 million in 2014.

“The company was trading at a loss. They looked at restructuring options but at that point, there was no other option,” Travaglini says.

The first meeting of Azzura Gelati creditors is scheduled to take place in Perth on January 8.

 

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