Photo: Google ImagesA discount retail chain and its main supplier, a related entity, have been placed into receivership following a dispute between shareholders. Price Wise Ltd, trading as Pricewise with 16 stores nationwide, including two in Christchurch at Northlands and on Colombo St, and distributor Zenith Distribution Ltd were placed into receivership on Friday. Price Wise Ltd and Zenith Distribution Ltd, which imports and wholesales beauty and personal care products, together turn over about $12 million each year. Khov Jones director Steven Khov said receivers were appointed by one of the companies' shareholders - Colin Neal of Polar Capital - the new owner of electronics chain Smiths City. The issues between Polar Capital and Berryman stemmed from a disagreement over how the business was being run, Khov said.

Source: Otago Daily Times August 23, 2020 23:48 UTC