1 Feb 2017

Veritas talks to 'preferred bidder' for Nosh stores

10:48 am on 1 February 2017

Food and hospitality investor Veritas looks to have found a buyer for some or all of its Nosh supermarkets.

Nosh Food Market, Glen Eden.

Photo: Google Maps

ANZ Bank has extended the deadline for Veritas to conclude talks with a preferred bidder on selling the troubled chain.

The company, which also owns Mad Butcher and Better Bar Company outlets, now has until Thursday to sell the Nosh business or give a plan to the bank to close it down by the end of March.

"ANZ has agreed to extend the date for Veritas' delivery of a proposal for Nosh ... to allow conclusion of negotiations with the preferred bidder for Nosh," Veritas said in a stock exchange statement.

Veritas had been trying to turn around its six Nosh stores for some time, before ANZ pulled the plug on those efforts late last year.

The company had earlier said it was talking to some interested parties and the bank had given it another two weeks, which expired yesterday. Veritas said it now had until 4pm on Thursday to come up with a proposal for the bank.

Most of the Nosh stores are in Auckland. There is also a Hamilton outlet and another in Mt Maunganui.

Meanwhile, a question mark hangs over one of two franchised Nosh stores. It is unclear whether Veritas has resolved its dispute with the franchisee of one of the stores in Auckland over the shop's plan to terminate the agreement and operate independently of the Nosh brand.