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Former Nosh owner Veritas Investments fined

  • News
  • October 19, 2017
  • Sarah Dunn
Former Nosh owner Veritas Investments fined

Just when we all thought the Nosh saga was nearly over, a further complication rears its head. The unprofitable chain of gourmet grocery stores has been embroiled in difficulty relating to its sale by Veritas to Gosh Holdings for most of 2017.

The situation began when Veritas took out a $5 million funding line with ANZ to buy the Nosh stores in 2014, but it struggled to turn the gourmet supermarkets into a profitable business. Gosh Holdings, which renamed itself Nosh Group post-purchase, purchased Nosh supermarkets from Veritas for $3.98 million in February 2017. The sale involved Gosh assuming Nosh’s trade creditor liabilities.

Following the sale, Veritas initiated legal proceedings against Nosh Group due to breaches of the sale and purchase agreement. Nosh Group itself went into receivership in July 2017, and as of October 5, is in liquidation.

Chartered accountant Digby Noyce of RES Corporate Services has been appointed liquidator. Creditors have until October 29 to make their claims.

Today, Veritas announced that it had been publicly censured by the NZ Markets Disciplinary Tribunal for failing to immediately disclose material information relating to its agreement with the ANZ Bank over the sale of Nosh.

In September 2016, Veritas entered into an undertaking with the bank that it would deliver to the bank either an unconditional contract for the sale of Nosh, or a proposal for its closure, by 15 January 2017. It did not disclose these undertakings to the market until three months later, when NZX Regulation engaged.

The Tribunal’s judgement ruled that this commitment to sell, close or wind down a significant part of its business constituted material information, which should have been immediately disclosed to the market. It has imposed a fine of $55,000 plus costs on Veritas.

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Enhancing the experience: A growing demand

  • Design
  • November 22, 2017
  • Courtney Devereux
Enhancing the experience: A growing demand

Some commentators think food and integrated hospitality offerings will save brick and mortar retail from obsolescence in the age of ecommerce. But does catering to the consumer’s every need result in sales, or are shoppers moving on without making a purchase? In the Enhancing the experience series Courtney Devereux looks into why these two different sectors are working together.

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Kiwi retailers cash in on Singles’ Day

  • News
  • November 21, 2017
  • Sarah Dunn
Kiwi retailers cash in on Singles’ Day

The Chinese holiday Singles’ Day, popularised by Alibaba as the ’11.11 Global Shopping Festival’, is now the biggest sale event in the world. Alibaba reports that US$25.3 billion of gross merchandise volume was settled during the 24 hours of Singles’ Day this year. Not all of that went to Chinese retailers, however – a handful of Kiwis made the most of the opportunity.

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Updated: Noel Leeming launches a dedicated after-purchase services division

  • Technology
  • November 20, 2017
  • Sarah Dunn
Updated: Noel Leeming launches a dedicated after-purchase services division

The Warehouse Group’s electronics retailer Noel Leeming has been looking at expanding its focus on services this year. Now, it’s launched a dedicated after-purchase services division: MyTechSolution. The change also means that customers will be charged for access to Noel Leeming's helpdesk if the request goes beyond a "quick fix".

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Cameras aren’t just for security anymore

  • In Association with Axis Communications / Sektor
  • November 20, 2017
Cameras aren’t just for security anymore

In-store video cameras revolutionised loss prevention when they first became available to retailers, but as camera technology continues to evolve, they can now provide a plethora of data that supports better business decisions.

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