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Moa Brewing chief Stephen Smith on split from NZX-listed Savor, turning around unprofitable business
5 Mar, 2021 05:00 AM
4 minutes to read
Stephen Smith, chief executive of Moa Brewing Co. Photo / Supplied
Aimee Shaw is a business reporter focusing on retail, small businessaimee.shaw@nzherald.co.nz@AceeyShaw
Moa Brewing chief executive Stephen Smith was approached by the board of the then-listed entity about a management buyout in November last year. The former hospitality and brewing group had explored other avenues to sell the brewing business without luck, before settling on management buyout as the most practical solution.
Unprofitable, the business was already operating separately to the hospitality arm so the change in ownership structure since had not changed drastically, new owner Smith told the Herald.
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Supplied
Elwyn and Russel Scott and their daughter Lisa Butcher at the opening of the Whistling Sisters Brewery which is the only hospitality business the Scotts will keep running to raise funds for secondary breast cancer in memory of their daughter, Karen Hunter.
Veteran Wellington publican Russel Scott is bowing out, almost completely, from of a lifelong business career in the brewing and hospitality industry. Scott, in his 73rd year, founded some of the capital’s best known and loved pub businesses like The Backbencher and Flanagans started by him and other ex-Lion Breweries staffers. Scott has agreed to sell three well-known businesses in Featherston St to sharemarket listed company Good Spirits Hospitality (GSH) for $3.4 million plus stock on hand of $75,000.
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