Phillips, a New Zealand corporate finance specialist who has been based in Australia for 15 years, helped a consortium of New Zealand investors buy Nosh. The group thought Nosh was a "great brand" and believed there was an opportunity to develop it and the chain. Phillips was confident it could turn Nosh around, and said private ownership would prove a better fit than being publicly listed. Nosh made a loss of $1.9m last year, and Veritas had been working to franchise Nosh stores. The supermarket's sale comes after ANZ's deadline for a proposal on the future of Nosh was pushed back for a second time on Tuesday.

Source: Stuff February 02, 2017 03:41 UTC