Veritas has sold grocery chain Nosh to ‘Gosh Holding’ for $3.98 million. Gosh is owned by Sydney-based Andrew Guy Phillips, the sole director and shareholder according to Companies Office records.
In a release to the NZX, Veritas Chairman Tim Cook said the purchaser agreed to assume Nosh’s trade creditor liabilities under the transaction, which includes roughly $1m worth of stock. The net sale proceeds will be used to repay Veritas’ debt to ANZ.
Meanwhile, the owner of the Nosh franchise on Constellation Drive in Auckland’s Mairangi Bay has appeared to have dropped the Nosh brand from its store. The franchisee has indicated that he will operate independently of the Nosh franchise, but Veritas does not accept that termination and the parties are in dispute over the matter.
Veritas received a $5 million funding line with ANZ in 2014 to buy the Nosh chain, but has struggled to turn the stores into a profitable business.