Insider Business Pittas’ yogurt production plant also up for sale

Pittas’ yogurt production plant also up for sale

The liquidation decree for Pittas Dairy Industries has finally been issued, paving the way for the company’s dissolution through the sale of all its assets and property.

Following the recent court order, the Registrar of Companies is now the temporary liquidator.  What is pending is the appointment of a private liquidator who will undertake the sale of all assets of Pittas Dairy Industries and the settlement of outstanding debts to creditors.

Insiders have said that there is strong interest in some of the company’s significant assets, mainly those related to the production line.

And in another development, the managers of Pittas Dairies Limited which is an affiliated company, have decided to also sell all its assets. Essentially, this is the group’s company responsible for all yoghurt products which has been under administration for some time.

Following the shutdown of the halloumi and cheese production plant, the work of this unit was also affected because the licensed distributor’s  orders fell.

That is why the company’s managers, Marios Kallias and Michalis Avraam, are now calling for tenders for the sale of a plot of land of ​​6.169 sq.m. located at Latsia industrial area, Nicosia district. The plot accommodates a building of ​​approximately 610 sq.m. in area, with a mezzanine of 245 sq.m. and a basement of 85 sq.m.

Also up for sale is the company itself including machinery and specialised equipment for yoghurt production.

Pittas Dairy industries was shut down last January when its creditors, among them some of the owners, rejected a rescue plan proposed by the appointed temporary liquidators.

Founded in 1939, the company had become one of the most successful Cypriot businesses.

Through its presence in the sector, the company was a pioneer in the pasteurization method for the production of traditional Cypriot products such as halloumi, feta, kefalotyri and yoghurt.

At one point, the company was employing over 200 employees and its list of products was over 100, all distributed at nearly 3000 points across Cyprus.

Despite the success, the company was, nonetheless, confronted with several problems which, many believed, began in spring 1999 by an unfortunate event.

That was when the company had constructed a new factory with modern equipment. However, the factory – for reasons still unknown – went up in flames and was completely destroyed.

 

Read more:

https://in-cyprus.com/pittas-dairy-employees-appeal-to-parliament/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Top Stories

Five new corona virus cases detected out of 2,581 tests

According to the Epidemiological Surveillance Unit of the Ministry of Health 5 new cases of the SARS-CoV-II virus were detected out of a total...

Ministry of Interior on obtaining a Special Entry Permit to the Republic of Cyprus

The Ministry of Interior announced that the requirement for obtaining a Special Entry Permit to the Republic of Cyprus applies only to persons coming...

Measures taken at Cyprus’ airports to reduce passenger congestion

A number of measures were decided on Monday in order to avoid passenger congestion observed at the airports, Yiannis Karousos, Minister of Transport, Communications...

New yellow alert for extremely high temperatures for Tuesday

Yet another yellow alert for extremely high temperatures for Tuesday issued – in effect from 1pm to 5pm. Temperatures are expected to rise to 40°C,...

Mother who killed 12-year-old son in 2019 acquitted by way of insanity

The 40-year-old woman who stabbed her 12-year-old son to death in August 2019 was found innocent by way of insanity and was acquitted by...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...