The parent group of companies that own the franchise operator of Burger King restaurants in New Zealand have been placed in receivership by their financiers.
“The New Zealand Burger King restaurants had taken a significant hit during the coronavirus lockdown,” explained Brendon Gibson, Grant Graham and Brendon Gibson of KordaMentha have been appointed receivers.
“The receivership was part of a plan to seek support from suppliers and landlords to restart the business following the release from Alert Level 4 lockdown,” said Gibson.
The plan was to get the business restarted post-lockdown, and then sell it.
The parent shareholding companies in receivership are Tango Finance Limited, Tango New Zealand Limited and Antares New Zealand Holdings Limited.
