Nido receiver approached 50-plus would-be buyers - but not Ikea
24 Feb, 2021 03:00 AM
5 minutes to read
A receiver of New Zealand s biggest homeware store has revealed how hard her firm tried to sell the business as a going concern, including approaching more than 50 would-be buyers. But in the end, attempts to sell the 100-showroom Nido came to nothing and yesterday it was announced that all stock in Henderson s store would be sold in the next two to three weeks and the shop shut.
Kare Johnstone of McGrathNicoll said her practice had approached more than 50 parties in a last-ditch attempt to sell the business, whose name is Italian for nest.
Nido s trading company owes $22.3m: Magsons Hardware s first receiver report out
12 Feb, 2021 04:32 AM
3 minutes to read
The trading business of New Zealand s biggest furniture and homeware store owes $22.3 million in debts to staff and Inland Revenue but unsecured creditors will not get a cent. Accounts in the first receiver s report of the Henderson-based Magsons Hardware, trading as Nido, shows the extent of liabilities and how the business cannot pay those without security any of the $22.3m.
Liabilities are listed at $15.7m debts, $4.6m accounts payable, $666,000 employee provisions, $502,000 Inland Revenue deferral and $778,000 in other liabilities .
Kare Johnstone and Conor McElhinney of McGrathNicol said they were doing their very best to try to sell the failed business by continuing to operate it to generate money.
He said Waterstone had a record of litigating claims if needed, and there were a number of matters to be investigated, including whether there were inter-company payments or reckless trading. Vijay was the construction company tasked with building Nido, a $60m, 27,000 square metre projected which was aspired to be New Zealand s biggest retail outlet. It opened incomplete in June shortly after the lifting of the Level 4 lockdown and the first liquidators’ report said Vijay’s director was unable to raise more funding to finish the work. Meanwhile, Nido’s receivers Kare Johnstone and Conor McElhinney said the store was still trading and stock had been discounted while the search for a buyer was underway. About 100 staff were waiting to hear about their future.
Nido builder liquidators ousted, creditors vote in replacement
17 Dec, 2020 09:52 PM
2 minutes to read
Magsons, trading under the Nido brand, collapsed into receivership on Friday. Video / Will Trafford
Creditors owed money for working on New Zealand s largest homeware retail outlet have ousted the liquidators of the business and had a new liquidator appointed.
Greg Sherriff of Waterstone Insolvency is now the liquidator of Vijay Holdings which built the 2.7ha Nido store in Henderson and was finishing a 650-space carpark.
Sherriff said this morning: The pressure is now on to repay the faith that creditors have expressed in me.
On November 6, Daran Nair and Heiko Draht of Greenlane Chartered Accountants were appointed Vijay liquidators at the request of shareholders.