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Funders disappointed as Nido enters receivership

Victoria Young
Fri, 04 Dec 2020

Victoria Young
Fri, 04 Dec 2020
Furniture firm Nido, once pitched as New Zealand’s answer to Ikea, has moved into receivership.The company which owns the store Magsons Hardware, which trades as Nido and is directed by its founder Vinod Kumar, entered receivership today.The West Auckland store employed 100 staff and will continue to trade as a buyer is sought, including a sale to clear stock.McGrath Nicol’s Kare Johnstone and Conor McElhinney were appointed receivers by Central Assets Investments Limited.“It is deeply unfortunate that the timing of Nido&rsquo...

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