Paper Plus faces ‘material uncertainty’ after breaching bank covenants, seeks capital raise

The Paper Plus Group comprises almost 90 stores across NZ. (Image: John Stone)

Tue, 30 Jul 2024

Paper Plus New Zealand is likely to go to its members for capital after breaching its banking covenants.Its annual statements made public on the Companies Office on Tuesday, show the group made a total loss of $553,000 in the year to March 31, 2024.The book and stationery retail co-op also declared a negative working capital of $2.2 million and said it has $2.5m of loans with the Bank of New Zealand (BNZ).“While the group has previously operated with sufficient headroom within its facilities [loans], the net loss after tax in the current...

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