Kenny Webster fires broadside at Irish bank over double collapse saga

Kenny Webster said the livelihoods of 250 families were now at risk after it emerged on Monday that Sangs, the drinks firm behind MacB flavoured water, had been put into administration while petrol station operator Calanike was forced into receivership.

Webster accused AIB of not giving him a chance to refinance the companies, which he could “easily have done”. He claimed the bank forced Calanike into receivership even though it was aware of plans to sell the firm – a move that would have “totally cleared” its debt.

The Scotsman has been told that a letter from AIB arrived at Sangs’ head office in Macduff, Aberdeenshire, late on Friday. Calls to the bank were not returned over the weekend and the company heard nothing more until administrators from Zolfo Cooper arrived on Monday morning.

Webster called the lender’s behaviour “shocking”. He has asked his lawyer and accountant to work with administrators and receivers for both companies to “investigate all possible options”.

“To say that this has come as a shock is more than an understatement,” said Webster. “Allied Irish decided to put Sangs into administration with almost immediate effect, giving us absolutely no opportunity to discuss it with them, or find an alternative solution, despite our pleas.

“That would be shocking enough but given that Sangs is a company in profit, in growth, with no cashflow issue and has never defaulted on a loan or supplier payment, I am completely at a loss to understand why they’ve done this.

“AIB also used a cross-guarantee to put Calanike in receivership. Previous to this, they had never once discussed the health of the company with us – this is a company that has net assets valued at almost £5 million, an excellent credit rating and, in our last financial year, profit before tax of £192,000.”

He added: “Together with my team, I’ve poured my heart and soul into these businesses and to have them ripped away like this without warning is beyond heart-breaking.”

AIB said that, for reasons of customer confidentiality, it could not comment on the case.

Webster, who is originally from Glasgow and who leased his first petrol station in 1983 at the age of just 20, launched Calanike in 1998 and grew its estate to 19 forecourts in Scotland and the north of England, trading with brands including Esso and BP. He bought 115-year-old Sangs in 2007 in a £10.2 million deal backed by AIB.

Accounts for the drinks firm, whose MacB brand is the shirt sponsor for Partick Thistle football club, show pre-tax profits dropped to £91,100 in the 12 months to 31 March 2011 from £254,856 previously. As at 31 March 2011, loans outstanding to AIB totalled £5,993,523.

Calanike had net debt of £3.2m at the end of April 2010. Its pre-tax profit for the 2009-10 financial year – the last period for which accounts are available – was £192,284, up from £96,976.

A spokesman for Zolfo Cooper said recovery specialists were confident they could shortly begin the sales process for each firm.