Customers at the Takapuna store said it was sad news to hear the shop was shutting. Photo / Supplied
Customers at the Takapuna store said it was sad news to hear the shop was shutting. Photo / Supplied
Creditors are claiming more than $3 million from many shops in a now-insolvent retail chain which called itself New Zealand’s favourite fishing store and had the catchcry “big bait, big fish”.
TopCatch owner Igor Ivanov called in liquidator Simon Dalton of Gerry Rea Partners whose first report showed a stringof unsecured creditors wanting $2.6m, Inland Revenue owed $509,000 and employees $93,000.
TopCatch’s website said it has stores in Hāwera, New Plymouth, Whangaparāoa, Tauranga, Takapuna, Mount Maunganui, Maraetai, Mangawhai, Half Moon Bay, Clevedon and Glen Innes but social media said Mangawhai and Taranaki were independently owned so not all are caught up in the failure.
Dalton confirmed today not all those stores were caught up in the liquidation.
“The Mangawhai store was operated under licence and is independently owned. They have rebranded Fish and Dive Mangawhai and remain in operation. The licence has been disclaimed so they can carry on,” he said.
A tender process is now under way, closing today. Dalton hopes the chain can be sold.
The business got extensive Covid cash during the pandemic: an initial $230,000 for 40 staff, then another $125,000, then in 2021 a further $33,000 and $194,000.
“Fishing is our religion and we aim to always bring you the best in bait, tackle and advice in the best locations,” TopCatch says on its website.
Debt sunk TopCatch: “The company operated a fishing retail business in the North Island of New Zealand. The director identified that the company was unable to pay its debts as they were due and sought professional advice. Upon receiving that advice, it was resolved to place the company into liquidation,” the liquidator’s first report out this week said.
A liquidator hopes the chain can be sold. Photo / George Novak
The chain stopped trading on August 2 and the report was posted on the Companies Office site on August 9.
On social media, TopCatch Takapuna says: “To all my valued customers: yesterday we found out that TopCatch would go into liquidation, this covers all of our stores apart from Mangawhai and Taranaki due to being independently owned stores.
“If you have rods and reels at my store don’t worry I have been assured that you will be able to get them back and I will be in touch once I have more details. Off to the job line for a lot of us now. Thank you for your support over the few years I have been running the Takapuna store it has been a pleasure being able to help you with your fishing needs.”
Customers thanked the TopCatch Takapuna for its service, wished the staff luck and said it was sad news to hear the shop was shutting.
“Enjoyed coming in not just for the gear but also the always helpful advice. Just had my best Kingie season after you put me on the right track last summer,” one follower said.
Creditors as well as staff are named. ASB Bank is on that list along with Auckland Council and Armourguard Security.
Fishing and Leisure Group, Global Security Solutions, GoFish Tackle Co, Half Moon Bay Marina, the owner Igor Ivanov, Just Fishin, Just Water, MYOB NZ, New Zealand Post, Pacific Ocean Distributors, Paymark, Polar Ice, Port of Tauranga, South Pacific Building Industries, Southern Cross Medical Care Society, Tasman Tackle NZ, Steens Tool & Die and United Rentals appear on the list of creditors along with many others.
On the plus side of the ledger, intangible assets are put at $209,000, plant and equipment at $533,000 and motor vehicles at $136,000.
Stock of $781,000 could also help offset some of the debts. A further $60,000 is owed to TopCatch in accounts receivable. But the amounts which can be realised from those assets is yet to be confirmed.
Nor can the liquidator say how much will be able to be recouped. He finished his financial statement of affairs with “estimated deficit, subject to costs of liquidation, to be confirmed”.
Anne Gibson has been the Herald’s property editor for 23 years, has won many awards, written books and covered property extensively here and overseas.
