Collapsed Gympie business owed 65 people $165k
THE company behind Gympie's Friendly Grocers has blamed ongoing trading losses and economic downturn as key factors in the shock closure of the 115-year-old business.
Liquidation documents lodged with ASIC reveal Abid Australia owed more than $165,000 to 65 creditors when it shut its doors last Wednesday.
Abid was running two businesses when it fell over: Friendly Grocer Gympie (commonly known in Gympie as Heilbronn's), and Foodworks Birtinya.
Worrells liquidator Paul Nogueira said Abid shut down due to "due to poor profitability, outstanding debt obligations and insufficient working capital to continue operations".
He said director Imran Yakubbhai Bandi advised the business began to feel the pinch in December last year.
Ill health was also listed as a reason behind the collapse.
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The only Gympie creditors were four private individuals owed amounts not yet known.
The bulk of the debt was owed to Mooloolaba-based realtors Hindmarsh Property Services, which the report shows is $120,000 our of pocket.
Another $17,000 was owed to the Australian Taxation Office, and $11,812 was owed to C Store Distribution at Creastmead.
Other creditors include the ACW Sunshine Confectionary Wholesalers at Yandina (owed $2367), the Australasian Food Group ($2457), food and beverage company Lion ($1463), Parmalat Australia ($1064) and Maleny Dairies ($582).
The Helibronn's grocery store had been a fixture in Gympie for more than a century.
It is understood Abid took over the shop in 2016.