Postie Plus boss quiet on offer by Pepkor

Last updated 05:00 14/06/2014

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Postie Plus' chairman Richard Punter will neither confirm nor deny that large South African investment group Pepkor has made a conditional offer to buy the troubled national clothing chain.

"All I'm prepared to say is we have been speaking with a company for many months and . . . that the company is in due diligence."

A media report has said the purchaser is Pepkor which has retailing chains in Africa, Eastern Europe and Australia.

Postie Plus, with 82 stores in New Zealand, was placed in the hands of administrators and its finances frozen on June 3.

Administration is a short-term measure to try and avoid liquidation.

In Australia, Pepkor owns family clothing retail chain Best & Less which Pepkor bought in 1998 and men's and women's clothing chain Harris Scarfe which it bought in 2012. Best & Less has nearly 200 stores.

Asked if the conditional purchaser was Pepkor, Punter said yesterday "I'm not in a position to tell you who the company is . . . I will neither confirm nor deny."

The only information Postie Plus and the administrators have given in a public statement is that an international buyer has put in a conditional offer and was doing due diligence.

Postie announced a day after the board placed it in administration that there was the conditional offer for the company's business and assets.

Under insolvency rules the administrators have up to 20 days after appointment to call a "watershed meeting" of creditors to decide on the future of the company.

The two options are typically restructure - which includes a sale - or liquidation.

The administrator has applied to the High Court to extend the date for the watershed meeting until September 1 to buy some time before deciding Postie's fate.

Postie has 650 staff.

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- The Press

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