Mad Butcher disagrees with liquidator over franchisee failure
posted on 29th July 2016
The Mad Butcher's original store in Mangere failed because of 'unsustainable' sales costs, says the first liquidator's report. But a spokeswoman for Veritas Investments, the Mad Butcher's NZX-listed franchisor, said the company "disagrees strongly" with the liquidator's conclusions.
The Massey Rd store owes $465,014 to creditors, including $418,172 to suppliers and $18,264 in staff wages and holiday pay, according to the report by liquidator Peter Jollands, of Jollands Callander.
He said the liquidation appeared to have resulted from "unsustainable cost of sales giving insufficient gross profit".
The Mangere outlet is one of 10 Mad Butcher stores that have gone into liquidation, receivership or been closed down, according to Veritas.
Two of the stores that had been through liquidation were trading again and a third, in west Auckland, would re-open in around six months.
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