Luxury shower and tapware designer Methven is expecting to recover $460,000 from its largest British customer, Focus (DIY), which is in administration.
The administrator had confirmed an agreement under which it was prepared to allow Focus to pay Methven £329,675 plus VAT in aggregate, Methven said yesterday.
Half the agreed sum was to be paid on June 16 with the balance to be paid on June 30.
Converted at yesterday's exchange rate, after recovery costs and taxation, Methven expected to recover $460,000 once the second instalment was received, Methven said.
