Vitol and Grindrod, joint shareholders of Cockett, have made the strategic decision to conduct an orderly wind-down of Cockett. This difficult decision was reached after long consideration and in light of the non-core nature of Cockett’s business to both shareholders.
Cockett is in a sound financial position. It will continue to perform all of its existing contractual obligations, in a timely manner, to both suppliers and customers. As of today however, it will not enter into any new business.
The shareholders are keen to ensure that the wind-down proceeds on a solvent basis. Cockett anticipates that all relevant suppliers will be paid in full within the next 60 days, in each case in accordance with the terms of their supply contracts. It also anticipates payment of relevant receivables due from customers within a similar timeframe.
The wind-down process will be led by Cockett’s current management team, Cem Saral and Arnaud Payot, Cockett’s longstanding CEO and CFO. They will be supported by Vitol on behalf of the shareholders who, as a leading global energy supplier, holds existing relationships with many of Cockett’s suppliers and customers. A core team will remain in place to ensure the orderly settlement of payables and receivables.
The shareholders would like to thank the Cockett employees for their professionalism, hard work and dedication to the company over many years. All employees will receive considered and responsible compensation.
The shareholders would also like to thank all of Cockett’s suppliers and customers for their support over the last 45 years of trading.
Please direct media enquiries to:
Andrea Schlaepfer
Tel +44 (0)7525 403796
acs@vitol.com