Insolvency Guardian Media Centre
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The premium apple brand’s growers have struggled lately to secure good enough margins as supply chain costs have risen
Premium apple brand Rockit finds itself under pressure to secure better margins for its growers, after one of its producer licensees in New Zealand went into voluntary administration.
As reported locally, Rākete Orchards appointed administrators from accounting firm BDO Auckland on Monday. The firm’s chairman, former Eastpack CEO Tony Hawken, said poor orchard returns had prompted the decision.
“When selling a specialised product at a high price point, a business needs to invest in the market to drive demand ahead of supply,” he said in a statement.
“For the past two seasons, demand hasn’t grown…
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Debt collection complaints are surging: Here’s why AOL.com
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Poor returns for the specialty apple have been partly to blame for the insolvency action.
Poor Rockit apple returns and a lack of shareholder interest have been blamed for MyFarm Investments’ $17.4m apple partnership being placed into voluntary administration.
Rākete Orchards GP Ltd’s directors – Tony Hawken, Grant Rowan and Glenn Teal – appointed BDO’s Rees Logan and George