Healthzone Limited has been placed into receivership, though the business’ 80 franchised and 30 company-owned stores are continuing to trade as normal while PPB Advisory receivers and managers prepare the business for sale.
The ASX-listed natural health and beauty products distribution and retail business has around 250 employees, and distributes natural health products to a wide range of independent health food stores, pharmacies and supermarkets across Australia, Asia, Europe and the U.S.
Phil Carter and Chris Hill have been appointed receivers and managers of Healthzone Limited, with Barry Taylor and Andrew Needham of HLB Mann Judd appointed voluntary administrators.
According to Carter, Healthzone and its related entities will continue to “operate on a business as usual basis”, and key stakeholders will be kept informed of developments.
“We will work constructively with Healthzone’s employees, franchisees, suppliers and other stakeholders to ensure the business continues to operate effectively.”
“We are now undertaking a review of the business and our intention is to prepare the company for sale as a going concern,” Carter added.