Things have panned out well for prize-winning Fishers Meats sausages - they will survive to fry another day now a Dunedin investor has bought the beleaguered business as a going concern.
The 90-year-old Kaikorai Valley butchery business, specialising in meat products and smallgoods, was placed in receivership on March 27, leaving the jobs of 24 staff in doubt.
Pricewaterhouse Coopers partners Malcolm Hollis and Maurice Noone were appointed receivers of the business and associated companies.
Infocus Investments Limited had bought Fishers as a going concern, saving the jobs of the 15 remaining staff.
Mr Hollis said Fishers was recognised in 2005 at the annual Deloitte/Unlimited Fast 50 business awards, being named the fastest growing mature company with revenue of more than $5 million in its base year.
Since then, the plant had fallen victim to over-investment, having anticipated sales which never occurred.
As a result, there was a "reasonable sum" of money owing.
Mr Hollis said the sale was great news, and would ensure the business stayed in local hands, with continued supply to retailers.
"We are very pleased that this iconic local business, which has been in operation since 1919, will continue to operate in Dunedin," he said.
"It's still too early to say with certainty what the return to creditors will be. However, we are issuing our first receivers' report at the beginning of June."
Infocus directors Martyn and Doreene Ballantyne said the company planned to build on the "great reputation" of the Fishers brand and would continue to operate the business from Kaikorai Valley Rd.
The company's many awards include a gold medal in the 2004 Great New Zealand Sausage Competition.
