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"An extraordinarily high loss for a New Zealand commercial property syndication."

Stuff said he knew his investment was high risk and accepted the consequences. Another, a retired farmer who requested he not be identified, said he had invested $1m and felt sorrier for his partner who had invested all her savings. “It’s a lot of money ... I’ll be 80 next birthday,” he said “But we won’t starve.” JASON DORDAY/Stuff Vinod Kumar discusses his vision for his Nido homeware and furniture store in 2019. The investor felt he had been given enough information and felt some sympathy for Kumar’s timing. As a new business, he thought it was unlikely Nido had access ...

Concerns raised as Nido investors canvassed about adding in more money 8 Apr, 2021 05:00 PM 6 minutes to read Magsons, trading under the Nido brand, collapsed into receivership on Friday. Video / Will Trafford Investors who poured money into a scheme used to fund development of the failed Nido homeware store in West Auckland have been asked if they are willing to commit more funds in order to retain ownership of the building. This comes as fresh concerns are raised about the original investment scheme that saw retail investors contribute around half of the $62 million raised...

Nido receiver approached 50-plus would-be buyers - but not Ikea 24 Feb, 2021 03:00 AM 5 minutes to read A receiver of New Zealand's biggest homeware store has revealed how hard her firm tried to sell the business as a going concern, including approaching more than 50 would-be buyers. But in the end, attempts to sell the 100-showroom Nido came to nothing and yesterday it was announced that all stock in Henderson's store would be sold in the next two to three weeks and the shop shut. Kare Johnstone of McGrathNicoll said her practice had approached more than 50 parties in a las...

It was put into receivership after the liquidation of the construction company building the store, Vijay Holdings, in November. Both companies share the same sole director, Nido founder Vinod Kumar, who was also in charge of a related company which went into liquidation last week, Magsons Investments. ABIGAIL DOUGHERTY/Stuff Nido topped into receivership after the company building the store collapsed in November. Other factors contributing to Magsons Hardware’s failure included trading challenges and a lack of funds to cover losses and ongoing trading costs, the report said. The company...