Thursday 9th June 2011
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Luxury shower and tapware designer Methven is expecting to recover $460,000 from its largest British customer, Focus (DIY), which is in administration.
The administrator had confirmed an agreement under which it was prepared to allow Focus to pay Methven UK Stg329,675 (NZ$656,670) plus VAT in aggregate, Methven said today.
That would be in full and final settlement of all indebtedness to, and associated retention of title claims by, Methven. Half the agreed sum was to be paid on June 16 with the balance to be paid on June 30.
Converted at today's exchange rate, after recovery costs and taxation, Methven expected to recover $460,000 once the second instalment was received, Methven said.
No further recovery was expected, and Focus was not expected to continue trading in its current form.
For the year to the end of March, Methven said group net profit was down 39% from a year earlier to $4.7 million, after providing for the loss of $2 million relating to Focus (DIY).
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