Payment problems at Woolworths’ loss-making Masters chain may have contributed to the collapse of one of its suppliers, 60-year-old family-owned hardware company Otter Group.
Otter, which makes and supplies nails, screws, rivets, wire fencing and balustrades, went into receivership on Friday after experiencing cash flow problems.
Ray and Glenn Otter, the son and grandson of founder Jack Otter, and chief executive George Varelas were not available for comment. But a source close to the company said it had struggled to receive payment for goods supplied to Masters, one of its biggest customers. Sydney Morning Herald – Read more…
Otter, which makes and supplies nails, screws, rivets, wire fencing and balustrades, went into receivership on Friday after experiencing cash flow problems.
Ray and Glenn Otter, the son and grandson of founder Jack Otter, and chief executive George Varelas were not available for comment. But a source close to the company said it had struggled to receive payment for goods supplied to Masters, one of its biggest customers. Sydney Morning Herald – Read more…