NZ retailer takes over SurfStitch

NZ RETAILER EziBuy has won the battle for Burleigh Heads-based e-tailer SurfStitch.

Creditors yesterday backed the proposal by Alceon Group – the owner of EziBuy – to take over SurfStitch, which fell into voluntary administration in August last year.

Independent company director Abigail Cheadle’s proposal, backed by SurfStitch cofounder Lex Pedersen, failed to find favour with creditors.

Administrators John Park, Quentin Olde and Joseph Hansell, of FTI Consulting, had backed the EziBuy bid and called a letter Ms Cheadle sent to shareholders “misleading”.

They said the letter, which included the terms of a revised proposal from Ms Cheadle, was not an accurate summation.

Yesterday’s vote ends the latest chapter in SurfStitch’s brief, but turbulent history, as a listed company.