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HomeNEWSNew Zealand’s largest retail store Nido goes into receivership

New Zealand’s largest retail store Nido goes into receivership

Today it was announced that Kare Johnstone and Conor McElhinney, partners of McGrathNicol, have been appointed as the Receivers of Magsons Hardware Limited, the entity that trades as Nido, New Zealand’s largest furniture and homeware store in Henderson, Auckland.

Previously, Nido was hailed as New Zealand’s most significant retail development after launching in May 2020, and was nine years in the making. The construction, development and warehousing of Nido was no easy feat, with over 680 people involved in instruction, taking two years to build the flagship retail store and warehouse.

The receivership of Nido follows the contractor tasked with completing the building being placed into liquidation and trading challenges during Covid-19.

The media release by McGrathNicol states that “Nido operates from a 27,000 sqm site at 158 Central Park Drive, Henderson and will continue to trade while the Receivers assess the financial position and consider options.”

Kare Johnstone, one of the Receivers, says: “It is deeply unfortunate that the timing of Nido’s launch was in the midst of a pandemic. Had the circumstances been different, Nido may well have been successful. Perhaps a new owner who is able to recapitalise and restock the business may have more success.” 

At present, there is no comparable retailer to Nido in the market, although the big-box store competes with smaller furniture and homeware stores. At one point the Nido team was reported comprise of 150 team members across its head office, retail, warehouse and food and beverage outlets. As of today, Nido employs approximately 100 staff on site in Henderson.

The Receivers note that a stock discounting sale campaign will commence on-site shortly. Parties interested in the business and/or assets are encouraged to contact the Receivers urgently.

NB: The Receivers are in control of the trading company (the tenant/Nido), not the building (the landlord).

Read more: The Nido dream: Q&A with Nido’s CEO and Founder Vinod Kumar

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