Hospitality group Go To Collection group has appointed voluntary administrators (VA) from PwC New Zealand to restructure the business.
Malcolm Hollis and John Fisk of PwC have been appointed as VAs by the directors of the hospitality group.
The Go To Collection group currently has more than 100 staff and operates the Madam Woo, Hawker and Roll, and Rata restaurants in Queenstown, Auckland, Hamilton, and Tauranga.
The VAs are working closely with the hospitality group’s management, shareholders, and directors to restructure and save some parts of the business for the future.
A VA’s role is to offer a chance to rehabilitate a business and restructure its activities and provide better results to stakeholders compared to that achieved through alternative methods.
Malcolm Hollis said: “The company has experienced a difficult period due to the impact of Covid-19, especially the extreme shortage of staff.
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“We will work with the team to devise and implement a restructuring plan to ensure the components of the business that are operating well can have a successful future.
“The best-performing restaurants will continue to provide high-quality services. However, the less popular sites will be closed. Nearly all existing staff will be retained.”
PwC is planning to put a proposal to creditors at a Watershed Meeting before Christmas, in addition to the restructuring plan.
The company noted that the creditors will be contacted in due course.
PwC’s staff and its partners are dedicated to solving the complex issues which businesses are facing in the changing marketplace.
It has offices in the Wellington, Auckland, Hawke’s Bay, Canterbury, Waikato, and Otago regions.