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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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Sneak a peek inside the February/March issue of NZ Retail magazine

  • News
  • February 23, 2018
  • The Register team
Sneak a peek inside the February/March issue of NZ Retail magazine

The latest issue of The Register's print magazine, NZ Retail, is winging its way to subscribers right now. This time, we focus on how poor waste minimisation is sending retailers slip-sliding away from consumers' good books; how to make Amazon work for you; new developments to watch across New Zealand; and retail's top five fastest-growing categories.

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The future is bright
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The retail yearbook
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How are retailers maintaining loyalty? Sarah Dunn, Elly ...
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Bambi Boutique: The launch that influence built

  • News
  • February 22, 2018
Bambi Boutique: The launch that influence built

Bambi Boutique is the latest venture by Auckland business tycoon, Iyia Liu, proving time and time again that influencer marketing is the key to quick growth. The Bambi Boutique launch went off without a hitch, while Liu’s influence saw the launch almost completely subsidised by the vendors involved.

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Technology

Looking at retail inside and out: Simon Pound talks Vend, ventures and diversification

Simon Pound worked with retail tech company Vend for more than four years before shifting to become a partner at ventures start-up Previously Unavailable in ...

 
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