Receivers confident of finding buyer for Stonewood Homes

On Monday, KordaMentha's Grant Graham and Neale Jackson were appointed as receivers of Stonewood Homes New Zealand Ltd – the master franchisor of the Stonewood Group – and sister companies Stonewood Homes Ltd and Sterling Homes (Christchurch).

The company owes about $15 million to unsecured creditors and has 110 unfinished homes. Receivers are still calculating the outstanding debt to secured creditors.

They want to strike a deal to sell the business and its assets. The buyer would hopefully preserve some of the 85 jobs at stake, finish uncompleted homes and potentially take on Stonewood sub-contractors left in the cold. It is unlikely a buyer would purchase the company and its debt.

Graham said he wanted the sale to happen within weeks. The company was already well-advanced in a recapitalisation process and he hoped that interest would be converted into a sale.

Graham said more than 10 parties had expressed interest to varying degrees. He was "cautiously optimistic" of a sale.