Harvey Norman dairy venture goes into receivership

Posted by Andrea Hogan on 26th March 2018

Harvey Norman’s dairy venture Coomboona Holdings has going into receivership.

In 2015, retailer Harvey Norman invested AUD $34 million for a 49.9 per cent share in Coomboona Holdings, a Victorian-based dairy business.

Executive Chairman of Harvey Norman, Gerry Harvey, is also a Director of Coomboona Holdings.

Today, Harvey Norman informed the Australian Securities Exchange (ASX) that last Friday 23 March 2018, Ferrier Hodgson where appointed as administrators of Coomboona Holdings.

NAB bank had subsequently appointed McGarth Nicol as receivers and managers of Coomboona Holdings.

In Harvey Norman’s 2018 half financial year profit update, the company had reported an AUD $20.67 million impairment loss for Coomboona Holdings.

 

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