True Food and Yoga collapse leaves $2.4m debt, says liquidator

True Food and Yoga, which went into liquidation last week, owes shareholders and creditors more than $2.4 million.

The company, owned and run by chef Nic Watt and his wife Kelly (pictured), owes employees $38,901 and Inland Revenue $43,320, according to the first liquidator’s report.

Shareholders and unsecured creditors are owed a further $2.3m. The report said the company has assets of $1.7m.

Liquidator Tony Maginness from Staples Rodway said there had been interest from several parties in buying the business, which was closed.

The business had run out of working capital and it was too early to estimate a date of completion for the liquidation, said the report.

True Food and Yoga opened in 2016 as a restaurant and wellness centre.

It replaced Hammerheads seafood restaurant on Tamaki Dr, where Nic Watt worked earlier in his career.

Hammerheads went into liquidation in 2015 after 25 years in operation.

In April 2016 the Watts leased the Okahu Bay waterfront space, dividing the 550sq m location into bar and bistro True Food operated by Nic, and wellness centre True Yoga operated by Kelly.

The space featured two seafront yoga studios and space for private functions, a wellness room, a chiropractor’s room and a retail section.

True Food made Cuisine magazine’s top 100 restaurants list last year.

At the time of its opening, Nic Watt said the launch was a dream for the couple.

“Kelly and I are passionate about the True concept and feel this is the perfect location and environment to bring our combined dream to fruition and to the Auckland market,” he said.

In July, the pair announced their separation and it was unclear whether they would continue to operate the business together.

Since working at Hammerheads, Watt has added Masu and Huami in Federal St to his culinary empire.