Employees of the former company that owned Maketu Pies are owed more than $170,000 in wages, holiday pay, time in lieu and redundancy claims.
According the first receivers report, RG & KM Wilson trading as Maketu Pies owes more than $2 million to the Bank of New Zealand and other creditors.
The company was placed into receivership on September 27, 2019, and Thomas Rodewald and Kenneth Brown from BDO were appointed as joint receivers.
As preferential creditors, employees are owed wages of $8967.39, holiday pay claims of $142,743.55, time in lieu claims of $2065.59 and redundancy claims of $22,995.80, a total of $176,772.33.
Secured creditors Bank of New Zealand are owed $1,073,502.25 as of the commencement of receivership.
Inland Revenue have filed a preferential claim of $289,037, this includes GST of $110,143 owed as of September 27.
The business has been purchased by Te Arawa Management Ltd a commercial subsidiary of Te Arawa Lakes Trust, settlement occurred on November 11.
TAML have taken over the lease of the property and all fixtures, fittings and assets.
According to the receiver and managers’ summary of receipts and payments, the value of the sales is $600,000 and the sale of stock is $120,000.
Te Arawa Lakes Trust chairman, Taa Toby Curtis says the purchase was “simply the right fit” for the subsidiary and its role in supporting the future growth of Te Arawa, its assets and whānau.
“Just as importantly, the decision is about ensuring Maketu Pies stays in local hands, rather than heading offshore or away from the Bay of Plenty.
“As a result, we can ensure that it will continue to support the local economy."
TAML Commercial Manager, Cassandra Crowley says while TAML has a cultural responsibility, its ultimate mandate is to derive commercial benefit for Te Arawa.
Cassandra says TAML will be looking for opportunities to solidify and develop Maketu Pies, including exploring potential partnerships with other businesses and organisations that could benefit the operation, and the local community.
“We’re really excited about this development and what it could mean for Maketu Pies, our people and wider Te Arawa.
“And it goes without saying that we’re particularly pleased that New Zealanders and manuhiri (visitors) alike will still be able to get their favourite Maketu Pie at corner shops, supermarkets and service stations across the country.”