STONEWOOD HOMES UPDATE: BUYER FOUND

By NZHJ March 09, 2016 Industry news

Buyer found for Stonewood national franchise rights and Christchurch franchisee.

Despite opinion to the contrary (read Alan Johnston's 3 March article here), buyers for Stonewood Homes have been found.

Just this morning the receivers KordaMentha released the news that commercial property investors John and Michael Chow and corporate finance specialist Clint Webber had bought both the national franchise rights and the Christchurch franchisee for an undisclosed sum.

The press statement says the new owners are under no illusions about a possible negative hangover from the collapse of the two companies and are "keenly aware of the profoundly negative downstream commercial implications from Stonewood’s collapse for countless businesses – directly and indirectly – throughout the Canterbury region".

Over and above placating worried customers, the new owners admit there's a "huge task ahead where we need to work with suppliers, tradespeople and franchisees to repair relationships.

“We also need to talk with Master Build [the Registered Master Builders' customer guarantee scheme] to ensure build guarantees are honoured, and engage with local district councils to ensure building consent processes run smoothly.”

L-R: new Stonewood Homes owners, Clint Webber, John and Michael Chow.

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