Scottish wholesaler Adam Cunningham has gone into receivership following cashflow problems and the breakdown of talks over the sale of the business. The company, which has been supplying confectionery, soft drinks and snacks to independent retailers, garage forecourts and public sector contracts for 35 years, has performed poorly in the last few years. A 1997 management buyout was followed by several now aborted but costly strategies, including the development of a marketing arm. Receiver Blair Nimmo of KPMG Corporate Recovery said that increased competition and rising overheads had also added to Adam Cunningham's inability to sustain its debts. But he expressed confidence that the company, which has a turnover of £26m and employs more than 160 staff at four depots, would find a buyer without being broken up. "We've already identified a couple of potentially interested parties and we would expect negotiations to be under way in the next two to three weeks," said Nimmo. {{NEWS }}