Sale of CER Group's NZ Nature business falters

Organics company CER Group is no longer going to sell its New Zealand Nature Company business to interests associated with former managing director David Warrick.

The conditions in a heads of agreement were not satisfied and the agreement was terminated, the company said.

CER Group earlier twice extended the finance condition in the agreement.

The sale price was $3 million, with an initial payment of $2 million in cash and a deferred payment of $1 million within two years.