Sharechat Logo

Methven expects to recover $460,000 from Focus (DIY)

Thursday 9th June 2011

Text too small?

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).



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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.

Related News:

TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto
19th October 2021 Morning Report
PGG Wrightson Limited (NZX: PGW) Guidance Update
Vital Limited (NZX: VTL) Provides Update on PSN LMR
18th October 2021 Morning Report
T&G Global Limited (NZX: TGG) FY21 Earnings Guidance Update
Arvida Group Limited (NZX: ARV) Successful Completion of $155m Placement
FreshLeaf: Cannabis on course to be 'medicine of the masses'