WORLD NEWS

NZ company Seedling enters receivership

Published on: 18th June 2018

Seedling distributes children’s arts & craft products and toys across Australasia through retail and wholesale channels.

Auckland based Seedling NZ Limited has been placed into receivership. KordaMentha partners, Natalie Burrett and Neale Jackson have been appointed Receivers.

Seedling has been operating for 10 years, with growth into the US market in recent years. Receiver, Natalie Burrett, says the company has effectively exhausted its options to secure its working capital needs.

Natalie commented: “The Seedling brand is strongly recognised across New Zealand and Australia, with customers including Whitcoulls, Smith & Caughey’s, Myers and David Jones.”

Receivers will look to transition the business through a sale process, and ultimately to a new owner who has the resources required to capitalise on Seedling’s full potential.

“We are currently assessing the options that are available to optimise the value of Seedling’s assets,” Natalie added.

Currently, Seedling employs eight staff in New Zealand.

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