Citing Covid-19 restrictions, NZX-listed Good Spirits Hospitality has shelved its $21.3 million takeover of The Nourish Group.
The deal fell over as potential investors were unable to travel to New Zealand and because of uncertainty around Covid-19 restrictions on hospitality in the future, he said. Good Spirits chairperson Duncan Makeig said the directors were “extremely disappointed”.
The deal was announced last November when it was thought the local hospitality sector was through the worst impacts of Covid, however, that was before the outbreak of the Omicron variant, which led to ongoing restrictions on the hospitality sector.
The acquisition would have doubled the number of hospitality venues owned by the group, given it better economies of scale, and seen it expand beyond Auckland and Hamilton and into Wellington and Queenstown.
