Seeka chief executive Michael Franks said if nobody bought Olivado, a lot of fruit would go to waste. Photo / Michael Craig
Seeka chief executive Michael Franks said if nobody bought Olivado, a lot of fruit would go to waste. Photo / Michael Craig
Seeka has taken over the operating assets of avocado and olive oil business Olivado and says it will launch a new brand.
Earlier this month, liquidators said Olivado, the Northland company linked to film producer Gary Hannam, owed more than $3 million.
But now Seeka, one of the country’sbiggest agribusinesses, will integrate Olivado’s operations with its own.
Seeka chief executive Michael Franks today told the Herald that avocado oil was a premium product extracted from fruit which otherwise would go to waste.
“It’s a value-recovery process, essentially. We do that already down in the Bay of Plenty with a smaller-scale operation down here.”
Franks said if nobody purchased Olivado’s operating assets then no one would process much of the fruit which did not reach export or retail quality. He said the price paid for the business was confidential.
According to the first report from liquidators Garry Whimp and Benjamin Francis earlier this month, secured creditors were owed $1,981,960.49, preferential creditors $200,621.21, and unsecured creditors approximately $1,008,836.90.
Creditors at that time included banks, a local Mitre 10, Auckland Chamber of Commerce, BioGro NZ, Far North District Council, DHL Express and the Ministry for Primary Industries
Liquidator Gary Whimp today said he was very pleased Seeka made the acquisition.
As for who might still be owed money, he said: “We’re still trying to get to the bottom of that, and claims are continuing to come in. We’ll start our investigation in earnest.”