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Savor Group acquisition: Lucien Law on hospitality group s growth plans 11 Mar, 2021 04:35 AM 4 minutes to read Lucien Law, founder of Savor Group. Photo / Supplied Aimee Shaw is a business reporter focusing on retail, small businessaimee.shaw@nzherald.co.nz@AceeyShaw Savor managing director Lucien Law says the Auckland hospitality group has plans to grow its business beyond its current 17 venues despite the challenges posed by Covid-19. When Savor was acquired by then NZX-listed Moa Group in 2018, which at the time was three times smaller than the hospitality business, Law says he had no idea just a few years later Moa would be sold on and the once-listed brewing entity would divest and become hospitality-focused only. ....
“We had a pretty good lead out of the US with markets over there rebounding, particularly in the growth stocks,” said Grant Davies, an investment adviser at Hamilton Hindin Greene. “Markets have been sold off quite aggressively over the last month, so there’s been a little bit of a buying in the dip.” Fisher & Paykel Healthcare, the largest stock on the market, rose 2.9 per cent to $29.12, tracking technology growth stocks higher. 123rf The sharemarket is back in favour as bond yields weakened. Like the Nasdaq, New Zealand s top-50 index was in a technical correction – a fall of 10 per cent or more from its recent peak of 13,558 on January 8. ....
Stuff Savor is buying Amano (pictured here), Ortolana and The Store, as part of its focus on growing its hospitality business. Savor Group is buying three central Auckland eateries as it doubles down on hospitality after selling its unprofitable Moa Brewing business. The NZX-listed company has agreed to buy Britomart venues Amano, Ortolana and The Store from Hipgroup for $11 million in cash and shares. Savor is focusing on bars and restaurants after deciding last month to cut its losses and sell its original investment, Moa Brewing Company, which had failed to turn a profit since the company listed in 2012. The new hospitality businesses will immediately add about $3m to annual operating earnings, and savings are expected by merging the operations, the company said. ....
Moa Brewing chief Stephen Smith on split from NZX-listed Savor, turning around unprofitable business 5 Mar, 2021 05:00 AM 4 minutes to read Stephen Smith, chief executive of Moa Brewing Co. Photo / Supplied Aimee Shaw is a business reporter focusing on retail, small businessaimee.shaw@nzherald.co.nz@AceeyShaw Moa Brewing chief executive Stephen Smith was approached by the board of the then-listed entity about a management buyout in November last year. The former hospitality and brewing group had explored other avenues to sell the brewing business without luck, before settling on management buyout as the most practical solution. Unprofitable, the business was already operating separately to the hospitality arm so the change in ownership structure since had not changed drastically, new owner Smith told the Herald. ....