Close Nosh or find a buyer, ANZ tells Veritas
posted on 14th December 2016
14 December 2016 - Veritas Investments, the owners of Mad Butcher and Nosh, has been told by its bankers to sell the Nosh gourmet food store business by 31 March 2017 or close it down. The company was previously hoping to franchise the six Nosh stores it owns. Two other Nosh stores (Constellation Drive on the North Shore and Mt Maunganui) are already franchised; there is no mention of how those franchisees will be affected in today's NZX announcement.
Veritas is required under the revised ANZ facility to deliver to ANZ by 15 January 2017 either an unconditional contract for the sale of Nosh, or a proposal to close and wind down Nosh. Veritas is also required to close and wind down Nosh by 31 March 2017, if it cannot be sold by that date.
Given the time available before 15 January 2017, the Board cannot be certain that a sale of Nosh can be agreed by that date. The Board therefore proposes to investigate the proposal to close and wind down Nosh by 31 March 2017, as part of its strategic plan for the group.
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