Nic Watt's True Food and Yoga eatery owes more than $2.4m

Business Reporter·NZ Herald·

22 Feb, 2018 07:27 PM2 mins to read

Opening of True Food and Yoga. Kelly and Nic Watt. Photo/Norrie Montgomery

True Food and Yoga, which went into liquidation last week, owes shareholders and creditors more than $2.4 million.

The company, owned and run by celebrity chef Nic Watt and his wife Kelly, owes employees $38,901 and Inland Revenue $43,320, according to the first liquidator's report.

Shareholders and unsecured creditors are owed a further $2.3m. The report said the company has assets of $1.7m.

Chef Nic Watt of True Food and Yoga. Photo/Brett Phibbs

Liquidator Tony Maginness from Staples Rodway said there had been interest from several parties in buying the business, which was closed over this period.

The business had run out of working capital and it was too early to estimate a date of completion for the liquidation the report said.

True Food and Yoga opened in 2016 as a restaurant and wellness centre.

It replaced Hammerheads seafood restaurant on Tamaki Dr, where Nic Watt worked earlier in his career.

Hammerheads went into liquidation in 2015 after 25 years in operation. It closed when it failed to find a buyer.

In April 2016 the Watts leased the Okahu Bay waterfront space, dividing the 550sq m location into bar and bistro True Food operated by Nic, and wellness centre True Yoga operated by Kelly.

The space featured two seafront yoga studios and space for private functions, a wellness room, a chiropractor room and a retail section offering products such as Yoga gear, teas, juices and jewellery.

True Food made Cuisine's top 100 restaurants list last year.

At the time of its opening, Nic said the launch was a dream for the couple.

"Kelly and I are passionate about the True concept and feel this is the perfect location and environment to bring our combined dream to fruition and to the Auckland market," he said.