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The Australian and New Zealand Jucy rental car and campervan group of companies owed $40.87m to ASB bank when receivers were appointed late last year. Receivership documents said the group, which included Jucy Group, Jucy Rentals, Jucy Holdings and Jucy by Design, was heavily affected by the COVID-19 related border closures and travel restrictions. At the time of its receivership in November, the group's direct and guaranteed debt to ASB was about $40.87m (NZ$44m), and one unsecured creditor was owed $930,000 (NZ$1m). Jucy campervans parked up at the company's rental base at Christchurch airport in early May 2020. Receivers said the NZ border closure was a major contributor factor in the Jucy Group's financial difficulties.(Stuff)
Police have given an update on the Jucy vehicle heist. “It is unlikely there will be funds available for distribution to unsecured creditors from the receivership,” the receivers’ report said. To preserve cash, directors Tim and Dan Alpe had restructured the business in May 2020, putting it into hibernation, laying off staff and rationalising property and vehicle leases before attempting to raise equity for the group. This process led to negotiations with Colin Neal’s Polar Capital which purchased a majority stake in Jucy Group’s rental businesses in New Zealand and Australia. Lee Kenny/Stuff The Jucy Cruise operation in Milford Sound got a $500,000 grant from the Government which helped it continue operating through the pandemic. It was not part of the sale to Polar Capital.
Lifesavers miss out on cash from sunscreen sales after retailer's receivership 7 Jan, 2021 04:00 PM 4 minutes to read Surf Life Saving NZ is short in income this year following a company it collaborated with to sell its branded sun creams was liquidated. Photo / Jason Oxenham Aimee Shaw is a business reporter focusing on retail, small businessaimee.shaw@nzherald.co.nz@AceeyShaw One of the country's largest charities has missed out on over $40,000 in royalties from sun cream sales following retail chain Pricewise's receivership and change in ownership. Surf Life Saving NZ (SLSNZ) had a licensing deal with Zenith Distribution - and previously BDM Grange, the import and distribution arm of personal care retailer Pricewise - which gave it a cut from the sale of SLSNZ-branded sunscreen products.
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Pricewise sold for $2.3 million, report shows 20 Dec, 2020 09:00 PM 2 minutes to read Aimee Shaw is a business reporter focusing on retail, small businessaimee.shaw@nzherald.co.nz@AceeyShaw Documents relating to the previous owner of health and beauty retailer Pricewise show the company and its distribution arm changed hands for $2.3 million. The retail chain sold for $1.45m while its distribution channel Zenith Distribution sold for more than $863,000. Price Wise Limited, which once operated 16 Pricewise stores nationwide, was placed into receivership in August and liquidation on October 30, following the sale of company assets. The retailer was sold to its former major shareholder and Smiths City owner Polar Capital - owned by Colin Neal in September - at the time the purchase price was undisclosed.