BREAKING NEWS
A second person has died following a serious crash in Mt Maunganui ... Read more
Close

Aussies buy Nando's from receivers

MATT NIPPERT
Last updated 14:49 03/04/2014

Relevant offers

Industries

Annual building consents rise to a 12-year high Ministry issues fresh warning over phone scams Macpac happy with new Australian owners Champ Ventures Chinese get 70 per cent of NZ entrepreneur work visas Wellington bar owners 'terrified' of police and a one-way door policy for party zone Bathroomware company Spazio Casa facing liquidation application Countdown supermarket celebrates 20 years of online shopping Health Ministry restructures as it prepares to revive flagship IT scheme Valley Girl, Temt now in receivership Shoppers descend on David Jones store in Wellington

The Australian operator of fast-food chain Nando's has taken over the management of the New Zealand franchises after buying the business from receivers.

Previous owner Shivram, directed and owned by Shailen Ramjee, ran into financial trouble last year and in November its banker, Heartland, appointed receivers William Black and Kare Johnstone, of McGrathNicol.

Johnstone and Black said today that Nando's Australia had exercised its rights to buy the business and assets of Shivram, which included the master franchise for New Zealand.

Johnstone said the business had carried on trading, and the 35 franchise restaurants were unaffected by the receivership.

A price for the sale was not disclosed, but the collapse of Shivram left significant creditors.

Black and Johnstone's first report, published in February, said Shivram had been in breach of banking covenants, and secured creditor Heartland Bank was owed more than $1.58 million.

Ramjee appointed liquidators Derek Ah Sam and Gary Whimp, of Rogers Reedy, to Shivram last month.

Liquidators reported that Shivram owed $1.48 million to unsecured trade creditors and $115,287 to Inland Revenue.

Founded in 1987 in South Africa, Nando's casual-dining restaurants have expanded to include more than 1000 restaurants in 24 countries.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content