Mānuka honey company King Honey has called in the receivers after its parent company Me Today failed to find a buyer for the struggling operation, BusinessDesk reports.
The Bank of New Zealand has appointed Richard Nacey and John Fisk of PwC NZ as receivers and managersof King Honey and King Honey Holdings.
At the same time, Baker Tilly Staples Rodway has been appointed as liquidators of the honey business.
NZX-listed Me Today provides a range of supplements and skincare products. It announced the 100% purchase of King Honey in May 2021 for $36m. The acquisition was completed on June 30 that year.
Me Today stated that it had faced tough market conditions in the mānuka honey sector which continued to be challenging. King Honey was up to date with payments to trade creditors and Inland Revenue.
However, King Honey’s directors had been unable to reach suitable ongoing funding with its two main lenders, the BNZ and the Jarvis Trust.
In August last year, Me Today reported a net loss of $11.4m for the June 30, 2024 year and said it was talking to an interested party to sell King Honey.
