![]() It said in April it had bank debt of NZ$12.1 million, with total liabilities of NZ$24.7 million and assets worth NZ$29.6 million. The listed Postie Plus was suspended from trading on the New Zealand stock exchange at the end of May, when its shares last traded at 7.3 New Zealand cents, valuing the company at NZ$2.9 million ($2.52 million). Pepkor Ltd has clothing and footwear shops throughout southern Africa, eastern Europe, and Australia, where it owns the Best & Less and Harris Scarfe chains. “We believe this sale is in the best interests of all creditors and Postie Plus staff,” administrator David Bridgman said in a statement. Find here historical data for the Postie Plus Gr stock (PPG) as well as the closing price, open, high, low, change and change. Postie Plus was put under administration in early June after its bank refused to back the money-losing retail chain, which had been losing market share for the past two years. This NZ Limited Company have been operating for 2991 days. The privately-owned investment group has taken over 64 Postie Plus shops and its head office operation as a going concern for an undisclosed sum. Postie Plus Group Limited was incorporated on 18 June 2014 (Wednesday) and as of 27 June 2016 (Monday) is a Registered NZ Limited Company. Please see for further details.The South Africa-based retail group Pepkor Ltd has bought troubled New Zealand clothing retailer Postie Plus Group Ltd, Postie’s administrators said on Friday. Best & Less Group Holdings Ltd: Business Description: Holding company for an Australia and New Zealand based value apparel retail business operating the 'Best & Less' brand in Australia and the 'Postie' brand in New Zealand. POSTIE PLUS GROUP LIMITED (PPG) Profile, share prices, latest news, worthless shares, unclaimed money, former (or subsequent) names, unclaimed dividends. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Administration is intended to be a relatively short-term measure that freezes the company’s financial position while the administrator and the creditors work on the next steps.įor further information or media inquiries please contact: The process of ‘voluntary administration’ is a relatively new business rehabilitation scheme that was introduced into New Zealand company law on 1 November 2007. The Administrators again wish to record their sincere appreciation for the commitment and loyalty shown by the Postie Plus management team and retail staff over the last six weeks, the patience and forbearance that has been shown by the Company’s creditors, and the ongoing support of its many customers. This has enabled a better outcome to be achieved for creditors than would have occurred had the Company been placed in receivership.” Mr Bridgman added: “The ability to conclude a sale of the Postie Plus business as a going concern was materially assisted by using the Voluntary Administration regime, given the moratorium on creditor claims and the ability to transfer leases on terms satisfactory to the purchaser. Postie Plus Group Limited (Administrators Appointed). ![]() The Administrators will now attend to post completion matters, including the calling of the Watershed Meeting for creditors as required under the rules governing Voluntary Administrations. BackPostie Plus Group Limited (Administrators Appointed), 4:30 pm GENERAL. “Many of the Postie Plus suppliers will be able to continue trading with Postie Plus under its new ownership with all of the Postie Plus Auckland-based head office staff and the majority of its retail staff offered employment with the new owner.” We believe this sale is in the best interests of all creditors and Postie Plus staff.” Pepkor is a well established apparel and footwear retailer, originally based in South Africa, and now with retailing operations throughout Southern Africa, in Eastern Europe and Australia (where its operations include the Best & Less and Harris Scarfe chains).Īdministrator David Bridgman says: “We are very pleased to have been able to complete the sale of the Postie Plus business as a going concern within six weeks of our appointment as Administrators. The sale involves the transfer of the Postie Plus Auckland head office and 64 retail stores located throughout New Zealand, with more than 530 of Postie’s approximately 560 staff having accepted positions with the new owner of the business. Postie Plus Group Limited (Administrators Appointed)ĭavid Bridgman and Colin McCloy, as Administrators of Postie Plus, have today announced they have completed the sale of the Postie Plus business to Roan Limited, a wholly owned subsidiary of Pepkor Limited. ![]() ![]() BackPostie Plus Group Limited (Administrators Appointed), 4:30 pm GENERAL
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