VIL
18/11/2015 15:57
ASSET
PRICE SENSITIVE
REL: 1557 HRS Veritas Investments Limited
ASSET: VIL: Sale of central Hamilton bars
NZX Release
18 November 2015
Sale of central Hamilton bars
As announced to the market on 29 October 2015, the Board has been proactively
working on a number of potential solutions for the three underperforming
Hamilton bars in central Hamilton owned and operated by Veritas' subsidiary,
The Better Bar Company Limited.
The Better Bar Company Limited has today entered into a conditional agreement
to sell the business and assets of "Danny Doolans Hamilton", "The Good Home
Tron" and "The Honky Tonk" located on Hood Street, Hamilton. These
businesses, which have been trading below expectations, are proposed to be
sold for $1 million to interests associated with the Lawrenson Group, a
significant bar and restaurant organisation in Hamilton.
The sale is subject to a number of customary conditions for a transaction of
this type, such as obtaining counterparty consents under the key contracts of
the business. Veritas expects the sale to be completed before the end of
this calendar year.
For further information, contact:
Tim Cook
021 764 401
[email protected]
About Veritas Investments Limited
Veritas Investments is an NZX Main Board-listed investment company focusing
in the Food and Beverage, Franchise and Hospitality sectors. The shell
company was formed in December 2011 and made its first acquisition of the Mad
Butcher franchisor business in May 2013 through a reverse acquisition
transaction. A further investment was made in December 2013 for 50% of Kiwi
Pacific Foods Limited. In September 2014 Veritas acquired the Nosh Food
Market business. In November 2014 Veritas acquired The Better Bar Company
group business.
www.veritasinvestments.co.nz
End CA:00273659 For:VIL Type:ASSET Time:2015-11-18 15:57:51
