Veritas Investments is looking to sell franchises for six high-profile Nosh stores in Auckland. The franchises on the block are in Matakana, Ponsonby, Glen Innes, Mt Eden, Greenlane and Pakuranga – sites which are currently operated by the company.
Veritas, which also owns Mad Butcher and Better Bar Company, reported a full-year loss of $4.6m for the year ended June 30. At the recent Veritas annual meeting, Chairman Tim Cook confirmed his intent to sell the Nosh sites.
He also said at the meeting that the company enjoyed a “strong relationship” with its banker, ANZ. Veritas made a deal in September to reschedule and reduce the group’s debt repayments. The deal includes the board preparing a plan to address its capital structure by the end of February and it could now only issue dividends with the bank’s approval.
