Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Postie Plus Group Limited (Administrators Appointed)

Friday 18 July 2014

News release

Postie Plus Group Limited (Administrators Appointed)


David Bridgman and Colin McCloy, as Administrators of Postie Plus, have today announced they have completed the sale of the Postie Plus business to Roan Limited, a wholly owned subsidiary of Pepkor Limited.

The sale involves the transfer of the Postie Plus Auckland head office and 64 retail stores located throughout New Zealand, with more than 530 of Postie’s approximately 560 staff having accepted positions with the new owner of the business.

Pepkor is a well established apparel and footwear retailer, originally based in South Africa, and now with retailing operations throughout Southern Africa, in Eastern Europe and Australia (where its operations include the Best & Less and Harris Scarfe chains).

Administrator David Bridgman says: “We are very pleased to have been able to complete the sale of the Postie Plus business as a going concern within six weeks of our appointment as Administrators. We believe this sale is in the best interests of all creditors and Postie Plus staff.”

“Many of the Postie Plus suppliers will be able to continue trading with Postie Plus under its new ownership with all of the Postie Plus Auckland-based head office staff and the majority of its retail staff offered employment with the new owner.”

The Administrators will now attend to post completion matters, including the calling of the Watershed Meeting for creditors as required under the rules governing Voluntary Administrations.

Mr Bridgman added: “The ability to conclude a sale of the Postie Plus business as a going concern was materially assisted by using the Voluntary Administration regime, given the moratorium on creditor claims and the ability to transfer leases on terms satisfactory to the purchaser. This has enabled a better outcome to be achieved for creditors than would have occurred had the Company been placed in receivership.”

The Administrators again wish to record their sincere appreciation for the commitment and loyalty shown by the Postie Plus management team and retail staff over the last six weeks, the patience and forbearance that has been shown by the Company’s creditors, and the ongoing support of its many customers.

ends-

Notes to editors:
The process of ‘voluntary administration’ is a relatively new business rehabilitation scheme that was introduced into New Zealand company law on 1 November 2007. Administration is intended to be a relatively short-term measure that freezes the company’s financial position while the administrator and the creditors work on the next steps.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Suspected Black Widows: Table Grapes Withdrawn From Sale Following Spider Discovery

The Ministry for Primary Industries (MPI) is working closely with New Zealand produce retailers to have all imported Mexican table grapes withdrawn from sale following the discovery of spiders in a small number of consignments. More>>

ALSO:

Crown Accounts: 11-Month Surplus Beating Forecasts

Once minority interests’ share of revenues and expenses are removed, the total Crown’s operating balance before gains and losses (OBEGAL) was a surplus of $1,176 million in the eleven-month period. This compares to a forecast surplus of $193 million. More>>

ALSO:

Development: Screen Precinct Earmarked For Hobsonville Point

Auckland Council’s Auckland Development Committee has today passed a recommendation to create a screen precinct on council-owned land at Hobsonville Point. More>>

ALSO:

Scoop Business: NZ Business Confidence Plummets To Lowest Level Since GFC

New Zealands business confidence plunged to the lowest level in three years in the second quarter as companies became pessimistic about profitability expectations. More>>

ALSO:

Oceans: NZ Jumps Into International Shark Agreement

New Zealand has boosted the protection of sharks by signing the Memorandum of Understanding on the Conservation of Migratory Sharks. More>>

ALSO:

Insurance: EQC To Double Payout, Scrap Contents Insurance

New Zealand’s Earthquake Commission may double its payout amount, scrap contents insurance and process claims through private insurers under the government’s long-running review of funding and management of the state-run earthquake insurer. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news