{"id":97216,"date":"2025-10-23T20:39:10","date_gmt":"2025-10-23T20:39:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/97216\/"},"modified":"2025-10-23T20:39:10","modified_gmt":"2025-10-23T20:39:10","slug":"grabone-in-liquidation-owing-creditors-more-than-16-5-million","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/97216\/","title":{"rendered":"GrabOne in liquidation owing creditors more than $16.5 million"},"content":{"rendered":"
Preferential creditors are owed $518,531, which includes employee entitlements of $365,278 and $153,253 owing to Inland Revenue.<\/p>\n
Unsecured creditors \u2013 which includes trade creditors, customers with vouchers unable to be redeemed and merchants who honoured GrabOne vouchers but have not been paid \u2013 are owed $3.8m.<\/p>\n
The company also has a deferred tax liability of $2.9m.<\/p>\n
The liquidators estimated the company has assets of $803,322, leaving a substantial shortfall for creditors.<\/p>\n
Stoneman and Jackson said they were commencing an immediate sales process for the company\u2019s business and assets.<\/p>\n
New Zealand Media and Entertainment (NZME), publishers of the New Zealand Herald, sold GrabOne in 2021 to Global Marketplace New Zealand for $17.5m.<\/p>\n
GrabOne was founded in 2010 as a 50\/50 venture between IdeaHQ – controlled by entrepreneur Shane Bradley – and then Herald publisher APN. <\/p>\n
APN progressively bought out Bradley\u2019s stake, taking full control in 2013 in a deal worth up to $12.2m.<\/p>\n
\u2018A dated concept\u2019<\/p>\n
Chris Wilkinson, retail expert and managing director of First Retail Group, told the Herald last week the GrabOne model had become \u201ca dated concept\u201d.<\/p>\n
\u201cThere was a lot of euphoria around that type of model around a decade ago.<\/p>\n
\u201cIt\u2019s almost like the catalogue model of digital marketing, where catalogues were superseded by e-commerce. It\u2019s a legacy digital marketing model.\u201d<\/p>\n
Wilkinson said a decade ago deal websites tended to be nationwide models but over time became more localised.<\/p>\n
\u201cThe deals were always typically good, often to help businesses get some cashflow and to reach new markets.<\/p>\n
\u201cParticularly as time went on, they became a very localised response, and it really was down to smaller businesses who needed a boost and were prepared to cut the prices.\u201d<\/p>\n
Cameron Smith is an Auckland-based business reporter. He joined the Herald in 2015 and has covered business and sports. He reports on topics such as retail, small business, the workplace and macroeconomics.<\/p>\n