Nosh founder's role unclear in restructuring

ANDREA FOX
Last updated 13:36 20/07/2013
Clinton Beuvink
Keeping mum: Nosh chief executive Clinton Beuvink took on the supermarkets in cutting fresh milk prices – but won’t be drawn on his position with the grocer now.

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Nosh chief executive and co-founder Clinton Beuvink says he cannot confirm his status with the boutique grocery chain following an apparent shakeup in its ownership and management.

Asked by Fairfax to clarify his position, the management structure of the eight-store company and whether he was still a shareholder, Beuvink said commercial sensitivity prevented him answering and a "more formal" statement was likely soon.

Nosh, which operates on a food market-style concept, has a store in Hamilton.

Meanwhile, Nosh chief financial officer Hayden Syers has confirmed he is the son-in-law of the new majority shareholder, Auckland businessman Paul Lucas.

Auckland-based Syers, formerly chief operating officer at bullion company NZ Mint, said he had joined the company in March. He said Beuvink was on vacation, and that Nosh had eight stores in the upper North Island, but declined to comment further.

Companies Office records show Lucas and Syers are the only two directors of Nosh Management Ltd.

A source close to the company who declined to be named said it had been recapitalised.

This was confirmed by Nosh's public relations consultant, Deborah Pead, who said the company had experienced rapid expansion and that Syers had put in place a "much needed" structure to allow an injection of new capital to help Nosh grow.

"He's done a terrific job. He's put in fresh equity," she said.

Nosh was founded seven years ago by Beuvink and Chris Moore. In October 2011 they were still the major shareholders but Moore left the company that year. According to the Companies Office Beuvink no longer has shares in Nosh, and Moore has a minority shareholding.

In late 2011 the company was looking to franchise new stores to raise sufficient capital to fund an ambitious rollout of 20 stores in the North Island in the five years to 2016. Nosh had just invested $1 million in a new store in Hamilton, its first outside Auckland. It has since opened a store in Tauranga.

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- © Fairfax NZ News

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