8 Jun 2016

Kathmandu takes fight with Briscoe Group to court

5:19 pm on 8 June 2016

Outdoor clothing retailer Kathmandu has filed legal proceedings in the High Court to recover costs after a takeover bid by Briscoe Group.

Briscoe holds about 20 percent of the firm and last year its takeover offer failed.

Kathmandu says Briscoe Group owes it money for a failed takeover bid.

Kathmandu says Briscoe Group owes it money for a failed takeover bid. Photo: RNZ

Kathmandu said after an initial request for payment in November, Briscoe Group paid $637,711 last month.

But the outdoor clothing firm said it believed it should be able to get back another $2.4 million.

Kathmandu chief financial officer Reuben Casey said he hoped to settle outside of court.

"There's various costs relating to financial advisors, tax advice, there's obviously printing and delivery of the target company statement, there's legal advice, there's a variety of costs," he said.

Mr Casey said if it went through a court trial, that would take a long time.

RNZ has asked to speak with Briscoe Group but has not heard back.

Get the new RNZ app

for ad-free news and current affairs