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The tourism operator went into receivership last year because of Covid-19. More than $27 million has been paid to the former banker of beleaguered campervan rental and tourism operator Jucy Group but it is still unlikely to be fully repaid. Jucy, formerly
Stuff at the time coronavirus had an “unprecedented and devastating” impact on the business. RNZ New Zealanders have heeded the message to get out and see their backyard, with holiday hot spots even busier than usual. But the tourism industry is still struggling to fill the $6 billion hole left by international tourists. They kept the business operating for as long as it took for their staff to get other jobs, she said. Their closeness to retirement age, problems with getting new vehicles and having to wait until 2022 for the return of some sort of normality all played a part in the decision to wind up.
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.