Richard Nacey and Stephen White, of PwC New Zealand, were appointed Voluntary Administrators of Supie Limited, Workerly Limited and Bevie Limited on 30 October 2023, by resolution of the Director.
The Supie Group operates a well-known online grocery business in Auckland. The business was established in 2021 as a start up, with the aim to introduce competition into the industry, as part of its mission to ensure all Kiwis have access to affordable, healthy food. The Group employs approximately 120 staff.
Voluntary Administrator Richard Nacey says, “The sole Director of the three companies made the decision to appoint administrators following a key investor ceasing to continue providing funding to the business. This resulted in the business facing cash flow difficulties. While sales have rapidly grown over the last calendar year, recent growth has been lower than expected, and insufficient to provide the scale needed to operate profitably in what is a highly competitive industry.
As Voluntary Administrators, we don’t have sufficient funding to continue to trade the business in administration. In the absence of securing funding, we expect to be seeking to have the three companies in the Group placed into liquidation in the near future.”
While the Voluntary Administrators are yet to establish the full extent of creditor claims across the Group, initial estimates suggest they will be in the vicinity of $3 million.