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

 


Veritas Investments to buy upmarket Nosh supermarket chain

Veritas Investments to buy upmarket Nosh supermarket chain

By Suze Metherell

Aug. 29 (BusinessDesk) - Veritas Investments, which owns the Mad Butcher franchise business, has entered into a conditional agreement to buy the gourmet-supermarket chain, Nosh Food Market from Nosh Management for an undisclosed sum.

The Auckland-based company said the acquisition will be funded by a facility of up to $5 million with ANZ Bank, without disclosing the purchase price saying it was "confidential and is not material". Nosh earns annual revenue of $25 million from its six Auckland region stores and one Mount Maunganui outlet, Veritas said. It employs 130 staff, who have all been offered ongoing employment as part of the contract.

The acquisition is conditional on Nosh Management shareholder approval at a special meeting, though Paul Lucas, who has an 88 percent stake in Nosh Management, will vote in favour, Veritas said. The deal also requires supplier and landlord consent.

This is the third acquisition for Veritas in the past 16 months, after it bought the Mad Butcher business in May 2013 in what was effectively a reverse listing, having sold its assets and returned capital to shareholders. The NZX-listed investment company, which focuses on the food and beverages sector, bought half of Kiwi Pacific Foods in December for $2.8 million in cash and $400,000 in shares at $1.38 apiece, with potential earn-outs if certain export targets are met. The remainder of the business is owned by Antares Restaurant Group, which holds the New Zealand Burger King franchise.

Earlier this week Veritas reported annual profit rose to $4.3 million in the year ended June 30, from a loss of $847,000 a year earlier, as Kiwi Pacific Foods made up for slower than expected sales at the butchery business. It declared a final dividend of 4.22 cents, bringing the full year payout to 8.16 cents per share, with a record date for the final dividend on Sept. 12 and payment on Sept. 26.

Shares of the company rose 3.7 percent to $1.12, and have fallen some 19.4 percent the past year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news