Receivers take over at Lane Walker Rudkin
One of New Zealand’s oldest brands is in the hands of receivers.
Clothing manufacturer Lane Walker Rudkin Industries is headquartered in Christchurch and employs hundreds of staff in New Zealand and Australia.
It went into receivership this afternoon at the behest of its bankers Westpac, understood to be owed more than $50 million.
BDO Spicers has been appointed as receiver.
Lane Walker Rudkin was established in 1904, and supplied the All Blacks uniform for most of the 20th century through the Canterbury brand it founded.
It also made uniforms for New Zealand soldiers in both World Wars and introduced the Jockey Y-front into New Zealand in 1940.
In more recent times its staff included Prime Minister John Key, who did a spell as projects manager for Canterbury International in his early career.
The two most iconic brands Lane Walker Rudkin used to own are Canterbury Clothing and Jockey – the latter is now controlled by Australian firm Pacific Brands.
The company’s current owner is Ken Anderson; until two weeks ago he also owned sporting retail chain Stirling Sports.
But on April 15, this shareholding was transferred to another Anderson, Mark Kenneth.
In 2007 Lane Walker Rudkin paid $22.5 million to acquire NZX-listed clothing manufacturer Pod.
At that time, media reports said the LWR business had a turnover of several hundred million dollars.