Photo: 123rf
Rabobank and ANZ have appointed Calibre Partners as the receivers of the holding company, FFWL, but the value of what is owed to creditors is not yet known, and will be made public when the receivers' report is published in a couple of months time.
One of its receivers, Brendon Gibson, stressed the receivership did not affect Villa Maria's domestic or international business which continues to trade profitably.
He said it was no secret that Villa Maria had been looking for a new investor for some time now, and the receivership was seen as a way to bring the sales process to a conclusion.