Olivado Holdings Ltd In Receivership

For immediate release
Wednesday, 15 July 2009

Olivado Holdings Ltd – In Receivership

Anthony John McCullagh, Chartered Accountant, and Stephen Marc Lawrence, Insolvency Practitioner, of PKF Corporate Recovery & Insolvency (Auckland) Limited have been appointed receivers of Olivado Holdings Limited.

Olivado Holdings’ operating companies – Olivado New Zealand Limited, Olivado Kenya (EPZ) Limited and Olivado USA Inc - will continue trading and are not in receivership.

The receivership is a result of a breakdown in the relations between its primary lender, Hopetoun Holdings GmbH of Switzerland, and the company shareholders. Hopetoun granted a request by shareholders and directors for a three month period in which to seek alternative company funding. The shareholders were unsuccessful in securing new finance.

Hopetoun Holdings is managed by Gary Hannam, who is also Olivado New Zealand Limited’s CEO. Gary will continue his work as CEO and under new streamlined ownership and strategic direction, he remains committed to ensuring the growth of Olivado in New Zealand, and globally.

The international growth of the Olivado trading companies is progressing in spite of the economic downturn, with turnover in 2008 reaching a high point as a result of vigorous marketing and increased distribution of its cold pressed avocado oil. Olivado’s New Zealand sales have increased by 30 percent in the first quarter of 2009, and up 40 percent in annual global sales at 31 March 2009.

ENDS

© Scoop Media