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  1. #1
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    Default Future of Dunedin chocolate company Ocho

    Not sure if the correct section, but bound to be Stakeholders in this one around:

    https://www.nzherald.co.nz/business/...P7BKE46UMGSNQ/

    Future of Dunedin chocolate company Ocho in limbo as board seeks voluntary administration

    The directors of Dunedin craft chocolate company Ocho are proposing to wind up the company amid financial difficulties.

    The board today notified staff and shareholders that it was seeking voluntary administration, saying it believes the company is unable to trade out of its current financial situation and has no prospect of achieving future profitability under the current business model.

    “This is not a decision that has been made lightly and the new board is mindful what this announcement means for the 11 highly talented and dedicated Ocho staff,” board chairman Pete Lead said.

    “While Ocho Limited is currently solvent and can continue to trade for a short period of time, the new board hopes that winding up the company will present an opportunity for the business to be sold as a going concern.

    “The best outcome for shareholders would be that the Ocho brand and its assets are bought by someone with a passion for craft chocolate and a desire to see chocolate-making continue in Dunedin, although this is not guaranteed."


    STUFF:

    https://www.stuff.co.nz/nz-news/3503...es-liquidation

    Bittersweet: Crowd funded chocolate company faces liquidation



    Chocolate maker OCHO arose from the ashes of Cadbury’s closure of its Dunedin factory, but six years later the crowd-funded company may enter voluntary liquidation.

    Staff and shareholders were informed by the directors of the craft chocolate company that the business was seeking voluntary liquidation due to financial uncertainty.

    The original OCHO craft chocolate company was launched by Liz Rowe in 2013. In 2017 when Cadbury owner Mondelez announced it was going to shut its factory with the loss of 360 jobs, it led to a crowd-funding campaign on PledgeMe for those eager to keep chocolate manufacturing in the city.

    The company hit the headlines following an ambitious plan to make some of the Cadbury-produced Kiwi favourites in Dunedin, but those plans were rejected by Mondelez.


    That campaign raised $2 million from 3,549 investors, with Rowe staying on as director until 2019, while further crowd sourced campaigns were launched.

    Those campaign were driven by Jim O’Malley, a Dunedin city councillor, who told Stuff in 2021, that the business was now “on the edge of something really impressive”
    .

    As of May 29, 3,738 shareholders and 27,806 shares were on issue, with the majority of shares bought at $100 per share.

    The 2023 financial report reported that the company had its first cash positive year of $30,758, and a “modest total loss of -$79,640”.

    Where did the $2.7 million odd paid in for shares all go ?
    Last edited by nztx; 12-06-2024 at 06:45 PM.

  2. #2
    Advanced Member
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    Default

    I love chocolate , purchased 2 shares in this to give 1 each to my daughters , not to be .

  3. #3
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    Jun 2008
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    Default

    Interesting, thanks for posting, looks like they raised on Pledgeme.

    The original OCHO chocolate company was launched in 2013 by Liz Rowe and operated as a small, craft chocolate company until 2017, when OCHO Newco was incorporated for the purpose of a crowdfunding campaign. The campaign raised $2 million from 3,549 investors.

    OCHO Newco changed its name to OCHO Limited in 2018 the current name of the company. In 2021, OCHO launched another equity crowdfunding campaign and raised a further $498,000 from existing and new investors. https://thefeed.co.nz/news/ocho-choc...y-liquidation/
    Lots of craft food and drink companies been getting crowd funding in NZ and then seem to go quiet. Must be tough in a small market with the supermarkets having so much power.

    Did the shareholders get some discounted chocolate at least?

  4. #4
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    Default

    Quote Originally Posted by Jaa View Post
    Interesting, thanks for posting, looks like they raised on Pledgeme.



    Lots of craft food and drink companies been getting crowd funding in NZ and then seem to go quiet. Must be tough in a small market with the supermarkets having so much power.

    Did the shareholders get some discounted chocolate at least?
    Could purchase at something like 20 % off.

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