The collapse of Alisuper - Spar buys 12 of the remaining stores

Paul 12 April 2016

The Algarve’s Alisuper supermarket chain entered insolvency proceedings in March this year following failed negotiations with creditors.

Alisuper’s new owner was faced with a €17 million debt of which €14 million was owed to banks. A disposal programme was started that now includes the Dutch Spar group which has snapped up 12 Alisuper stores for just €750,000.

At the end of 2015, Alisuper started a Special Revitalization Process to try to negotiate debts with creditors but in January this year, after meetings with Caixa Geral de Depósitos, Montepio and Caixa do Crédito Agrícola Mútuo de Tábua e Douro, it was clear that there was no hope of trading out of trouble and the banks in effect decided that Alisuper should be broken up and sold off.

According to the trustee appointed to manage the process, Pedro Correia, Alisuper was "no longer able to fulfil its obligations," including paying the company’s loyal staff.

The chain was purchased in March 2012 for €26 million by the Nogueira Group, after Alisuper had run into deep financial trouble.

The recovery plan was put in place, one that had the support of the then Minister for the Economy, but no state aid was forthcoming and soon Nogueira's baby turned into a money pit with last year’s trading showing losses of over €2 million which swelled total liabilities to over €32 million.

Under Nogueira’s management the chain shrunk from 81 to 26 stores reducing the group’s purchasing power and economies of scale.

Last year, Nogueira sold stores to competitors including Intermarché and Pingo Doce and now the Dutch owned store chain Spar has announced it has done a deal on 12 stores for €750.000 cash.

The deal includes responsibility for the 78 staff and all stock, although 20 members of staff will take redundancy. Alisuper owes €150.000 in unpaid salaries, according to the Union, and it is not known who or when this amount will be forthcoming.

Another Alisuper creditors meeting will take place in Viseu on 26 April but in the meantime Spar will reopen the 12 stores as soon as they are rebranded and integrated into its 33 stores chain in Portugal, a number it wants to see increased over the next two years.