Flight of the receivers: Black Robin’s assets under scrutiny
A business associated with Black Robin is in receivership but the receivers are not revealing what they plan to do with its assets.
A company called 3370GNR has been put into receivership by Strategic Property Initiatives, with Damien Grant and Adam Botterill of Waterstone Insolvency appointed receivers.
The Black Robin company, 3370GNR, is wholly owned by Black Robin Property.
Waterstone has been granted control over a set of shares used as security on agreements 3370GNR entered into in October 2022 and March of this year.
The shares Waterstone has control over are a stake in McKenzies Shute Limited, which is a Black Robin entity listed on online “stock exchange” marketplace Catalist.
According to companies office records, 3370GNR has an 89 per cent stake in McKenzies Shute.
Grant said he couldn’t disclose how much money was owed to Strategic Property Initiatives.
“I’m not going to answer because that may impede the task that I have which is to get my client paid. I want to keep my cards close to my chest.”
Catalist’s listing for McKenzies Shute said the investment was for an Alpine Villas development in Queenstown, but the marketplace noted no Class A shares were currently being offered on Catalist because the three villas had now been built.
An undated update was also made to Catalist’s listing for McKenzies Shute that said directors Lloyd Dixon-Parrant and Chaojie (Jasmine) Yao had been replaced by a new independent director Ian Lamb.
Black Robin's history Yao and property valuer David Wigmore founded Black Robin Equities in 2020.
Black Robin Equities placed two of its companies, Nevay Nominees and Windsor BRE, into liquidation last year and the liquidated entities appointed Waterstone as their liquidator last year.
Black Robin Equities, a promoter of unregulated, wholesale investments was one of a number of firms censured by the Financial Markets Authority (FMA) for targeting unsophisticated investors on social media and via advertising – promising high returns while downplaying risks.
Other entities to receive FMA warnings in the past include Du Val Capital Partners, Jasper NZ, Wolfbrook Capital, Provincia Property Fund and Christchurch-based Williams Corp.