Another Stonewood company collapses

A $200,000 spat between Stonewood Homes Ashburton and the Christchurch-based master franchise has been followed by the Mid-Canterbury business’ downfall.

The news of Stonewood Ashburton’s receivership comes just months after Stonewood’s new owners, Inno Capital, engaged the franchise to help complete builds in Christchurch.

Inno Capital announced its purchase of Stonewood in March, after the old firm failed, in a deal covering the national franchise rights and the Christchurch franchisee.

Wisetax Advisory’s Robin Gardenbroek has been appointed receiver of Stonewood Homes Ashburton and said he understood the franchise was not being renewed following an ‘‘ongoing dispute’’ with the franchisor.

Stonewood chief executive Warwick Isaacs believed the dispute related to the debt.

‘‘I’m not aware of anything other than we gave them space to pay outstanding fees, they weren’t paid, and obviously that became a dispute between us,’’ he said.

The $200,000 debt was a ‘‘legacy issue’’ inherited from the old Brent Mettrick-operated company.

‘‘We’re likely to be the largest creditor in this latest receivership, being owed more than $200,000.

In April, the Ashburton franchise signed a deed agreeing to repay the debt, which was due for full and final payment in early October, Isaacs said. No money was received. Stonewood offered the Ashburton franchise five jobs to complete following the Stonewood Homes Christchurch franchise going into receivership earlier in the year.

The Christchurch master franchise now had to complete six Rolleston and Darfield properties, plus another house build in the pre-construction stage. Isaacs said none of the projects had started at the time of the Stonewood Christchurch receivership.

Stonewood Homes Ltd and Stonewood Homes New Zealand Ltd went into liquidation, unchallenged, on April 21, after a High Court order. The companies entered receivership in February. At the time of liquidation, almost 400 companies and contractors were owed nearly $20 million by the failed Stonewood Homes companies.

Isaacs said the Stonewood master franchise only found out about the receivership yesterday morning.

Inno Capital director Clint Webber said Stonewood saw the Ashburton franchise’s problems coming.

‘‘We wrote to them a while ago, a month ago, to say we were concerned and we’ve had several meetings with them,’’ he said.

Gardenbroek said: ‘‘They [the Ashburton franchise] couldn’t move forward without a franchise agreement and with the publicity of what’s happened with Stonewood they’re not getting any new contracts.’’

Most staff employed by the franchise had ‘‘finished up and left’’.

They had been ‘‘looked after’’, Gardenbroek said.

‘‘My role will be to ensure any preferential creditors such as potentially the IRD with GST and PAYE are paid first and then the secured creditor that appointed me after this.’’

Shawn Fibbes is listed as a director of the Ashburton franchise. He was yet to respond to a request for comment.