“We congratulate the board, management and staff of Spring Gully for saving their company, and all the customers who walked into stores and bought their products,” Mr McBride said.
“That’s the wonderful thing about this great South Australian company, they were able to create a rescue plan, promote their products and increase sales. In doing so, they have been able to give back to their creditors, employ South Australians and contribute to the economy.”
“Spring Gully is an example of true people power, where we can get behind a South Australian manufacturer and make a real difference.”
Spring Gully has operated under external administration since 2013, and this morning handed over its final cheque to creditors.
Under its Deed of Company Arrangement, Spring Gully agreed in July to pay unsecured creditors 100 cents in the dollar. The amount was later increased to 102 cents in the dollar – which Mr McBride said showed testament to the support shown.
At a time of increasing global competition and online threats from giants such as Amazon, Mr McBride said it was important to support local businesses to ensure the state’s economy thrives.
He said with 98 per cent of the state’s businesses being small to medium-sized, South Australians needed to vote with their feet and wallets by supporting companies such as Spring Gully.
“As we face unprecedented pressure from global companies, we need to continue to support local industries, particularly with the Christmas season upon us,” Mr McBride said.
Image credit — The Advertiser
