Silver Chef to sell off business for $18m
Troubled Brisbane hospitality equipment leasing company Silver Chef has agreed to sell off most of its business to Next Capital for $18 million.
All 300 employees of Silver Chef, other than the directors, will transfer to the Next Capital’s hospitality business as part of the transaction.
Silver Chef will be left with its GoGetta rent-to-buy equipment financing business, which it is winding down over the next two years.
"The board will evaluate the optimal means to distribute surplus capital to all of its shareholders,” once the proposal had been completed.
"All shareholders will be entitled to distributions of such proceeds," the company said.
Silver Chef has been in breach of its debt covenants in since mid-2018 and was at risk of insolvency.
Major shareholders Silver Chef chairman Alan English and Fund manager Blue Stamp Company intend to vote for the transaction, Silver Chef said.
Sheridan Randall, 1st October 2019
