Mad Butcher liquidations a 'coincidence of timing'
posted on 7th April 2015
Publicly-listed Veritas Investments, franchisor of the Mad Butcher chain, has said that the liquidation of four of its franchisee-owned outlets this year is a coincidence of timing rather that a sign of deeper problems. 3 of the stores have remained open under Veritas ownership, which also operates 2 other stores in the 40-strong chain.
The National Business Review, citing industry sources, has reported that more Mad Butcher stores are in financial difficulty, which chief executive Michael Morton last week called "grossly inaccurate".
In February, Veritas reported a 16 per cent decline in first-half profit to $1.7 million as acquisition costs mounted during a buying spree, and warned annual earnings may be at the low end of guidance depending on how its new businesses perform.
Revenue jumped 89 per cent to $27.4 million. Of that, the Mad Butcher business lifted revenue 14 percent to $16.6 million.
Featured Listings
Choices Flooring
Be part of a new retail opportunity in New Zealand with one of Australasia’s most innovative flooring brands. At Choices Flooring, you’re not just...
Goodwin Turner Commercial Lawyers
Goodwin Turner Commercial Lawyers aims to provide a modern, friendly, client-focused and efficient approach to your legal business requirements, with a...
Speed Queen Laundry Systems
Enjoy semi‑passive income with your own Speed Queen self‑serve laundromat. With our expert support you’ll be operating a profitable business in no time,...
Westpac New Zealand
Westpac is New Zealand's most experienced bank in franchising and the only bank offering dedicated franchise specialist managers throughout the country....
CrestClean
Looking for a simple business with low risk and high profit margins - where you can enjoy a great lifestyle? A CrestClean franchise ticks all the boxes!...
