Me Today seeks silver lining in BEE+ trouble

Me Today chair Grant Baker said it may be a year before it sees large orders from a key honey buyer. (Image; Supplied)

Tue, 05 Oct 2021

It's every used car buyer’s worst nightmare: buying a great-looking car only to find an engine problem as soon as the change of ownership has gone through.That's not unlike the situation beauty and health brand Me Today have found themselves in, having acquired King Honey for $36 million in May – then found, 90 days later, that its most important customer was sitting on a large stock of undisclosed inventory.When it was acquired, King Honey had revenue of $16.5m and earnings of $3.9m in the financial year ending March 2021....

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

The Quiz Free

QuiznessDesk, Monday, Sept 15

Think you're clever enough?

The Quizmaster 9:15am

Economy

First look at NZICC, and SkyCity's hopes for $70m fund

SkyCity's COO says a new govt fund should help fill empty hotel rooms across Auckland.

Dileepa Fonseka 9:00am

First look at NZICC, and SkyCity's hopes for $70m fund

Opinion

Dileepa Fonseka: Polarisation: from talkback to the trading desk

Political polarisation is becoming more of a worry for NZ investors.

Dileepa Fonseka 5:00am

Polarisation: from talkback to the trading desk

Sponsored

Future leaders start by Dreaming Big

How OnBeingBold empowers Year 13 girls at free leadership events.

OnBeingBold

Sponsored

Free AI training blitz targets 10,000 Kiwis

Workshops aim to close NZ’s AI skills gap and boost productivity – no tech skills required.

Sponsored by Lumify

More Markets

Markets

Trade Window looks to boost profile with ASX listing

Trade Window is moving to broaden its investor base with a secondary listing in Australia.The Auckland-based trade software firm said on Monday that with its secondary listing, it was pursuing "the goal of increasing its profile among the broad pool of investors across the Tasman...

Staff reporters 10:05am