VTL directors resign; Company in receivership

The chairman of VTL Group was, until yesterday, Gary Stevens, and its directors were Roger Moses and Don Young.

In a release to the exchange last night they said they had resigned and Colin McCloy of PricewaterhouseCoopers has been invited to become receiver of the company.

McCloy has not yet been formally appointed receiver.

McCloy and John Waller are the receivers of VTL’s failed subsidiary Nathans Finance which was placed in receivership in August 2007.

VTL owned vending machine businesses in Australasia, North America and Europe. A process has been underway to sell these assets.

In their statement the directors said that they “continue to believe that Remote Technology Systems LLC, Shop24 and the vending franchise programme have value and hope that the restructuring programme will continue for the benefit of the stakeholders.”

BusinessWire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

EROAD Appoints New Director Progressing Board Renewal
OCA delivered record full year result
BLT - Strong revenue and underlying earnings growth
MFB - Food Bag reports full year profitability up 5.3%
TWR - Tower reports strong HY earnings
IPL - FY26 Annual Results
May 21st Morning Report
May 20th Morning Report
May 19th Morning Report
PYS - PaySauce to announce F26 full year results on 27 May 2026