Optometrist wholesaler in receivership

New Zealand's biggest locally owned optometrist wholesaler has been placed in receivership, following increased competition at home and a failed push into Australia.

Optical Holdings and two associated companies were put into receivership on Monday after a poor performing year.

Receiver William Black, of McGrathNicol, said the company had struggled with recession and the recent entry of international competitors, such as Specsavers.

Since taking control, receivers had cut staff, mostly based in Auckland, significantly to 17 and continued to operate with a view to selling the business as a going concern, he said.

Mr Black would not disclose how much was owed but said that it was less than $1 million.

- © Fairfax NZ News