Candida envelope factory saved from closure as Muri Capital buys NZ business

Candida said in August it was considering winding up its New Zealand manufacturing arm from about November, after the owner of its Constellation Drive premises in Mairangi Bay gave notice of plans to sell, the NZ Herald reported. About 57 jobs were at risk. The company employs about 115 people in New Zealand and Australia. Candida Australia, with branches in Sydney and Melbourne, will keep operating separately.

Guy Phillips, a director of Muri Capital, said production would carry on without a break at the 30 November handover and the firm would fill orders through the Christmas season. RNZ reported that Muri had completed the deal for Candida's New Zealand assets. The price was not disclosed, and Candida will keep trading under its own name.

Phillips told the Herald that the previous owner had already begun making staff redundant and that Muri was negotiating to bring back as many people as it could. He expected a significant share to return but gave no number. Muri describes itself as a Living Wage employer, and returning staff will earn at least what they were paid before, he said. Where possible they will get permanent contracts that keep their original start dates; some will be offered fixed-term roles.

Some equipment had already been shipped to Australia before the sale, which limits what can be kept, the Herald reported. Stuff said that, before the talks began, Candida had already chosen to move its Australian manufacturing capacity from the North Shore plant to Australia.