50 jobs go as Next hits the wall
UPDATED 8am Friday: Company with service centres in Auckland, Hamilton, Rotorua, Wellington, Christchurch and Dunedin, and contracts with major retailers, goes into receivership.
Have you been affected by Next's receivership? Email Chris Keall.
UPDATED 8am Friday: Receiver William Black, of McGrath Nicol Partners, told NBR he had only just gained access to Next's books, and it was too early to deliver an assessment of the company's financial situation, or whether it could trade its way out of trouble.
Immediate action has been taken to slim Next down, however, with 50 staff made redundant, leaving around 40.
Next lost several major contracts over the past 12 months, Mr Black said, leading to a significant deterioration in its finances.
Mr Colley requested that receivers take control.
Consumer electronics and whiteware repair outfit Next Electronic Servicing, which has nine service centres spread across Auckland, Hamilton, Rotorua, Wellington, Christchurch and Dunedin has been placed in receivership.
A formal notice was placed on the Companies Office website today following rumours that swirled on Geekzone.co.nz last night.
Next is owned by its sole director Kevin Stephen Colley of Epsom, Auckland.
Its subsidiary operations include MobilefoneRepair.com.
William Black of McGrath Nicol Partners has been appointed receiver.
Next is a service agent for numerous retailers, including Harvey Norman and Farmers, and numerous consumer electronics and whiteware brands including, according to its website, HP, BlackBerry maker RIM, HTC, AEG and Whirlpool.
Next's reception told NBR that Mr Colley was no longer with the company.
A regional sales manager, who refused to give his name, refused to comment on whether the company would attempt to trade its way out of receivership.
Chris Keall
Thu, 20 Jan 2011
Thu, 20 Jan 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
50 jobs go as Next hits the wall
11693