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Wynyard reduces staff numbers

Press Release – KordaMentha

31 October 2016

Wynyard reduces staff numbers

KordaMentha partner and Wynyard Group Administrator, Grant Graham today announced that 72 management and staff positions have been made redundant in Auckland, Wellington, Christchurch and Dubai. A further 60 staff remain employed.

“Since appointment, we have worked through Wynyard New Zealand’s operating prospects and its continuing cash burn. In its existing form, the New Zealand operation is not profitable which limits our options in terms of sale prospects and processes.

“We have received interest for a number of the Group’s assets but given the cash deficiencies we face, we will be unable to maintain the ongoing cost of the staff structure, while we explore the sale prospects.

“Our priority now is to reduce the cost base and work with parties to realise value for Wynyard Group’s intellectual property embedded in the various products. Unfortunately, as Administrators, we cannot justify incurring continuing costs without confidence in a successful outcome,” Mr Graham said.

The location of the job losses is as follows:

Auckland 19 Wellington 2 Christchurch 41 Dubai 10

Under the terms of voluntary administration, a first meeting of creditors will be held on Friday 4 November 2016. Information regarding this meeting has been made available directly to all creditors.

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