BSL discontinues central accounting

By James Wells

BRISBANE: The administrators of Betta Stores Limited (BSL) have advised franchisees through its internal intranet this afternoon that the retail group will not be able to continue central accounting effective today.

Current.com.au has obtained a copy of the statement posted on the BSL intranet by the business’ administrators, John Greig and Simon Wallace-Smith.

“The system does not come under the direct control of the administrators, and the receivers have advised that they will be unable to return the system to operation,” the statement said.

“However, in order to allow continued supply, the Administrators’ staff have spoken to the major suppliers who are centrally accounted to resurrect supply arrangements.”

Retailers have been advised to contact representatives from Telstra, Ingram Micro, Acer, Panasonic, Pebble Electronics and Centrex in order to establish accounts directly with these suppliers.

“Ultimately, the arrangement of accounts and the extension of credit to retailers is a matter between these companies and the retailers,” the statement said.

“We apologise for any inconvenience caused by this situation, however, it is a matter beyond our control.”

Greig told Current.com.au this afternoon that the statement has been posted on the BSL intranet and that the central accounting had to cease as it was serviced by BSL Finance which is now under the management of receivers Phil Carter and David McEvoy of Pricewaterhouse Coopers.

In late April, BSL CEO Guy Houghton confirmed that a letter had been sent to four suppliers advising the end of central accounting.

In the letter, BSL national buyer – portable appliances and floorcare, Tracey Cosgrove said it had become evident that this facility was no longer desirable as the administration of this function had become “difficult and cumbersome for retailers, BSL and the suppliers currently involved in the central accounting program”.

“I’m sure you will agree that this is the best option for all group retailers and I ask that you work with BSL Finance to ensure a smooth transition,” Cosgrove said at the time.

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