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Veritas bank deadline on Nosh extended to Feb. 2 by ANZ

Tuesday 31st January 2017

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 Veritas Investments has been given a second extension to either sell or begin winding up its Nosh food supermarkets by its lender, ANZ Bank New Zealand.

The food and beverage investor took on a $5 million funding line with ANZ to buy the Nosh stores in 2014 but has struggled to turn the gourmet supermarkets into a profitable business. Veritas renegotiated its banking arrangements in October to reduce its repayments and reschedule its debt, as its Mad Butcher and Nosh businesses weighed on the group.

In December, the company said it had until Jan. 15 to deliver either an unconditional contract for the sale of Nosh or a proposal to close and wind it down by the end of March, a deadline which was later extended to Jan. 31. 

This afternoon, Veritas said ANZ had agreed to extend this to 4pm on Thursday "to allow conclusion of negotiations with the preferred bidder for Nosh."

The shares were unchanged at 15 cents, and have shed half their value in the past year.

 

BusinessDesk.co.nz

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