The directors of a Frankton international grocery business have blamed staffing issues, online competition and high transport costs for the company’s insolvency.
Spice King, which was incorporated in August 2017, was placed in liquidation last month by resolution of its Christchurch-based shareholders, Neeta and Krishna Shetty, who were also the company’s directors.
In their first report, liquidators Lynda Smart and Derek Ah Sam, of Rodgers Reidy, said the directors advised the business ceased trading immediately prior to liquidation.
Initial review of the company’s financial records indicated trading might have been transferred to an alternative entity some time before liquidation. The liquidators were seeking clarification…
