Smiths City collapse: Colin Neal over $6m out of pocket

Total liabilities at the date of appointment were nearly $26m. (Image: NZME)

Wed, 24 Sep 2025

Colin Neal’s Polar Capital pumped more than $6.4 million into Smiths City since buying the chain out of receivership in 2020, the administrators' report says. BDO Christchurch’s Colin Gower and Diana Matchett were appointed administrators on Sept 2 by the company's sole director, Neal.The administrators' report to creditors released on Wednesday said the book value of Smiths City's liabilities at the time of appointment was $25.7m. Total assets were $43.6m, and the company had a negative cash...

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