Auckland based Logical Systems Limited (LSL) has required five Yoobee Apple Computer Retailing operations from the troubled Renaissance Corporation Limited (RCL).
LSL Director Daven Naidu told Indian Newslink that the retail stores are based in Auckland, Wellington and Christchurch.
Established in 1994 LSL has grown to become one of the largest Apple systems integrators. It sells Apple products and other computer-related products and also offers business IT advice.
It supplies IT consultancy, Project Management, Mobile Device Management and proven quality Mac & Windows based solutions.
With its headquarters at Eden Terrace in Central Auckland, the Company represents several international brands including Apple, Adobe, Microsoft, HP, IBM, Kerio Dell and Penta.
The Agreement
RCL is a listed company and a notification appearing on the NZX website quoted its Chairman Colin Giffney as saying that the sale of Yoobee Retail operations to Logical Systems was in accordance with a sale and purchase agreement executed on March 5.
“Logical Systems Limited has executed an unconditional sale and purchase agreement bringing effect to the change of ownership to them,” he said.
According to the deal, LSL will pay $900,000 for inventory less than 60 days old, sell older inventory worth about $250,000 on behalf of Renaissance and pay a nominal $1 for assets, fixtures and fittings.”
While LSL will retain about 42 existing employees, RCL will be responsible for collecting debts of about $100,000.
The sale became effective on March 6, 2014.
School sold
According to the National Business Review, shareholders of Renaissance voted in January to sell the Yoobee School of Design to the Academic Colleges Group for a net $13.3 million, with a potential earn-out of up to $1 million based on 2014 earnings.
“The proceeds are being used to repay debt, leaving cash reserves of about $7 million, most of which is being held for return to investors on completion of the sale of the retailing business.
“The company said last October that the retail stores weren’t viable and that with the design school sold, it would need to seek further funds to keep the remaining business operating. Chairman Colin Giffney said at the time that 2013 had been “a terrible year,” the publication said in its ‘Weekend Review’ (March 8).
Logical strengths
Mr Naidu said that with is ability to deliver compelling business driven, agnostic IT solutions, LSL has built excellent relationships and formed alliances with a number of organisations and Partners.
“We serve the Government, small and medium enterprise, education and enterprise accounts and provide procurement services, maintenance contracts with in-house repair centre to service Apple, Android and Windows hardware,” he said.
