By James Wells
MELBOURNE: Saeco Australia, the local subsidiary of the Italian espresso machine manufacturer, has appointed Deloitte partners Sal Algeri and Simon Wallace-Smith as voluntary administrators.
Deloitte this afternoon confirmed that Saeco Australia has been placed into voluntary administration, with a creditors’ meeting scheduled to take place on Monday 26 February at the State Library in Melbourne.
According to Deloitte, trading will continue as normal and all creditors have been contacted by mail.
Current.com.au understands that the first creditors’ meeting will update creditors on the state of the business and individuals may provide a proposal to move forward.
Saeco Australia is 60 per cent-owned by parent, Saeco International Partners, and 40 per cent-owned by local shareholders.