NZ Avocado oil company in receivership

A holding company for New Zealand avocado oil company Olivado has gone into receivership.

The holding company went into receivership yesterday, after shareholders had been unsuccessful in securing new finance to continue, Anthony McCullagh, from PKF Corporate Recovery & Insolvency, said.

Olivado New Zealand Ltd, Olivado Kenya Ltd and Olivado USA Inc would continue trading as normal, he said.

The companies, which made and distributed cold-pressed extra virgin avocado oil, had been progressing well, despite unfavourable economic conditions, Mr McCullagh said.

"At this stage, it is business as usual. We just need to assess the group, and we can go from there," he said.

The lender, Hopetoun Holdings GmbH of Switzerland, was managed by Olivado chief executive Gary Hannam.

Mr Hannam will continue running the company.

- NZPA