Mad Butcher's 40th store opens

Kiwi company, the Mad Butcher has opened its 40th franchise store this week in Stoke, Nelson.

The Mad Butcher is part of the Veritas Investments portfolio after it acquired the company for $40 million in May last year. Mad Butcher chief executive and Veritas director Michael Morton said it had taken about a year and a half to decide on the site in the Nelson suburb of Stoke.

"It's a prosperous area with a good size population and the competition is mainly from supermarkets so we see an opportunity to successfully carve out our niche in the area," Morton said. "If the first weekend is any guide, this will be a very successful store."

The Nelson store is part of the franchised Mad Butcher stores owned by former professional rugby player and butcher, Daniel Perrin.

Perrin had worked for the Riccarton Mad Butcher in 1995 before moving into a sporting career, playing for the Chiefs and the Crusaders. In 1998, Perrin approached the Mad Butcher to set up a franchise for the brand, with his first store opening in Whangarei later that year.

During the 2000's, a further 26 stores were added to the franchise.

Veritas also has a 50 per cent stake in Kiwi Pacific Foods which operates the Burger King fast food chain in New Zealand, as well as Nosh Food Market which it acquired in September. The company listed on the NZX in July 2004 under the name Salvus Strategic Investments, before changing their name to Veritas Investments in 2012.

Shares in Veritas opened at $1.270 this morning.