Christchurch building franchisor and franchisee in trouble
posted on 23rd February 2016
Christchurch-based building franchisor Stonewood Homes has gone into receivership, along with its sister company which is the Christchurch franchisee. However, customers have been told that their homes will be completed thanks to the guarantees provided by the Registered Master Builders Association.
KordaMentha confirmed on Tuesday that Stonewood Homes New Zealand Limited was in receivership at the request of the company.
Grant Graham and Neale Jackson of KordaMentha have been appointed as receivers to the company Stonewood Homes New Zealand Limited, and sister companies Stonewood Homes Limited and Sterling Homes (Christchurch) Limited.
Stonewood is one of Canterbury's biggest home builders.
The Master Builders Association is in the process of contacting all of the Stonewood Homes Christchurch homeowners to inform them of the process and ensure that in the short term they do nothing to compromise their rights under the guarantee.
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