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Receivers for Saville Investmts, Savvy Enterprises

Friday 22 September 2006

PricewaterhouseCoopers Appointed Receivers for Saville Investments Limited and Savvy Enterprises Limited

Malcolm Hollis and John Fisk of PricewaterhouseCoopers were yesterday appointed as the receivers of Saville Investments Limited and Savvy Enterprises Limited.

These companies operate a number of well known hotels and bars in the South Island.

Saville Investments Limited traded the Best Western Saville International Hotel (formerly known as Bentley’s Hotel) at 137 St. Andrews Street, Dunedin. Savvy Enterprises Limited traded the Outback Inn at 101 Great King Street, Dunedin; the Terminus Hotel (also known as the Creek Hotel) at 161 King Street, Timaru and the Outback Sports Bar, 291 Lincoln Road, Christchurch.

All businesses will remain open whilst the receivers assess the financial position and viability of each business. The receivers are currently working with staff and key suppliers to ensure that business operations are not disrupted in the short term.

The receivers advise that parties interested in purchasing all or any of these businesses, or creditors who hold securities over company assets, should contact Rhys Cain at PricewaterhouseCoopers in Christchurch.

ENDS

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