Paper Plus store owners kept in dark about capital raise

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

Wed, 31 Jul 2024

Paper Plus store owners appear to have been left in the dark about an impending capital raise to prop up its group’s franchisor.Paper Plus New Zealand, which operates as a co-operative and acts as the retailer’s franchisor, is facing “material uncertainty” and is likely to turn to members for capital after reporting a net loss of $500,000 in the 12 months to March 31. At the balance date, it had negative working capital of $2.2 million and $2.5m in loans to the Bank of NZ (BNZ).Its financial statements, made public...

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