SA food processor Spring Gully makes final payment to unsecured creditors
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South Australia's Spring Gully Foods has cleared its multi-million-dollar debt, with the help of the public, after entering voluntary administration four and a half years ago.
The brand, known for its pickled onions and chutneys, today dispatched its final cheques to creditors, paying them 102 cents in the dollar as a gesture of goodwill.
The family-owned company entered voluntary administration in April 2013, after a downturn in sales left them with debts of close to $5 million.
The announcement prompted a huge community response, with South Australians buying the products in bulk and the brand entirely selling out of stock in the state.
Spring Gully managing director Kevin Webb, who is the third generation of his family to run the business, said it was an "overwhelming time".
"We are still humbled by what happened, we never thought the people would buy out South Australia in 24 hours," he said.
"All I can do is say thank you."
Supervisor Maria Dente has worked at Spring Gully for 30 years, and said she was relieved to still have a job at the company.
"It's not just a job, the company is fantastic to work for, the bosses are awesome," she said.
"We are very appreciative, and thank the public for all their support."
Mr Webb said the company has emerged tougher and more innovative.
He said putting a "strong advisory board" in place was crucial to the turnaround.
"Obviously in some of my own private moments I may have felt this is impossible, but we have had the support of our families, and our business and our advisory [board]," he said.
During the process he said the company had struggled through a honey drought but had managed to keep "roughly" the same number of staff, which now sits at 45.
The company is looking to hire a dozen more people over the next five years, as it renews its ageing plant and releases 13 new lines of pickled vegetables, chutneys and sauces.
