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.