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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news