A spokesman from PPB Financial and Strategic Advisors said the company had been appointed as administrators by Bank West to help sort out the financial problems of Kitzberg, which operated the IGA franchise and is now in voluntary administration.

After holding the initial meeting, the administrators have called another meeting with all stakeholder for 1 pm tomorrow (Wednesday).

“We anticipate there will be a good outcome from this meeting,” the spokesman said, “especially considering there is a syndicate ready to take up the operation of the Bridgetown super market.

“If the meeting goes as planned it is believed the transfer could be completed in about seven to ten days.”

The Australian Securities and Investment Commission confirmed this week that Kitzberg Pty Ltd was placed in voluntary administration on Friday, September 9, 2009.

A spokesman for Megasys Pty Ltd, one of the syndicate of companies which owns the Hampton Street property housing the super market, said that, while disappointed the situation had come to this, at least action can now be taken to house a new franchise holder.

Silvestro Morabito, State Manager for IGA, speaking from Sydney, said that his staff had attended the administration meeting in Perth.

He said that with a firm offer from a country syndicate still on the table he was confident the Bridgetown IGA would soon re-open.