Five Hardy's outlets placed in receivership

Five Hardy's outlets and the health store chain's master franchisor have been placed into receivership.

Six other stores which are independently-owned by franchisees are trading as usual and remain unaffected by the move.

Companies Office records show that Andrew Grenfell and Kare Johnstone were appointed as receivers of Hardy's earlier this week.

Grenfell told the Herald that the five company-run stores affected by the receivership include those in Auckland's Sylvia Park, St Lukes, and Northwest as well as two in Bethlehem and Taupo.

The receivers are planning on running these stores while they look for a buyer for both them and the master franchisor.

Grenfell said he was not in a position to give details on the events leading up to the receivership. He said that the company-run stores and the master franchisor employed around 20 staff.

Hardy's was established in 1986 and sells supplements and other health products.

Vince Burgess owns four independent Hardy's stores in Kerikeri, Whangaparaoa, Whangarei and Glenfield. It was business as usual for his stores, which he said are financially independent.