E&S (supermarket)
E&S is a Cypriot supermarket and hypermarket brand operated by the consumer co-operative company ESEL–SPOLP Ltd, based in Limassol. In the 2000s, ESEL–SPOLP reported operating multiple E&S-branded stores and a larger flagship store in Limassol. Later, the company undertook a restructuring process centred on managing and renting its real-estate assets and arranging long-term repayment terms with creditors.
History
Cooperative origins and growth
According to the company's published history, the cooperative's roots date to 1942 in Limassol, and later developed through mergers of cooperative retail and supply organisations. In a 2007 report, ESEL–SPOLP described itself as the operator of cooperative shops and stated that the group included seven E&S stores, the E&S Landmark in Limassol, and additional retail formats, while also outlining expansion plans for other Cypriot cities. The same report stated total sales of CYP 37 million for the prior year.E&S appeared among hypermarkets involved in sector-wide disputes about retail trading hours in Cyprus in the mid-2000s.
2010s restructuring and creditors’ arrangement
In 2018, Cyprus business press reported that ESEL–SPOLP called an extraordinary general meeting of members and creditors for 9 May 2018 to consider a creditors’ arrangement plan. Reports described a restructuring approach based primarily on income from renting the company's properties and proceeds from real-estate sales, with creditor repayments planned as annual payments over a long horizon; one report stated the plan projected full repayment by 2043.Philenews reported that, according to the plan, the company's borrowing up to 31 March 2017 was €47.72 million, and that the plan contemplated repayments including an immediate distribution of €803,000 and further annual payments thereafter. The plan document itself was published by the company in PDF form and described being prepared under Article 49B of Cyprus’ law on cooperative societies, with the assistance of Baker Tilly Klitou and Partners Limited.