Receivers have been appointed to troubled grocery chain Nosh Group and sister company Mt Eden Food Company.
Companies Office records show Damien Grant and Steven Khov of Waterstone Insolvency were appointed this afternoon under a general security agreement dated April 13.
Staff have told NBR they have not been paid since June 14 and suppliers are understood to be owed about $3.3 million.
Mr Grant was not immediately available for comment and neither was Nosh Group’s sole director, Andrew Phillips.
Nosh Group is owned by Agri Trust Limited Partnership, whose general partner is a company directed by former bankrupt John Denize.
The shareholding of its subsidiary Mt Eden Food Company was changed two days ago by Mr Denize to the ownership of Agri Trust.
Company records show a general security agreement over all Mt Eden Food Co’s property is held by Mr Phillips personally.
It is not clear what assets remain to realise. All Nosh company-owned stores are closed and most of the stock has been sold.
The first receiver’s report is due on September 21.
The Nosh chain was acquired by Agri Trust in February from a subsidiary of NZX-listed Veritas Investments, since renamed Old NGL.
An application to put Old NGL into liquidation, sought by wine supplier Eurovintage, was withdrawn at the High Court this morning.
Read Tim Hunter's backgrounder to the Veritas-Nosh debacle here.
All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Overseas investment is crucial for the forestry industry, says MinterEllison's Mark Forman
- Michael Lovegrove on his chatbot-with-a-difference startup, Bot the Builder
- It's solely Jacinda Ardern's choice whether or not she stays as prime minister when her baby comes, reasons Rodney Hide
- Nevil Gibson's holiday in Los Angeles uncovers a mountain of new legislation
- NBR Radio: A year in review, with Grant Walker