Harvey’s dairy venture enters receivership

Following impairment loss.

Harvey Norman’s joint venture dairy investment, Coomboona Holdings, has entered into receivership. Ferrier Hodgson has been appointed as administrators and lawyers for National Australia Bank (NAB) appointed McGrath Nicol as receivers and managers.

HNM Galaxy, a wholly owned subsidiary of Harvey Norman, holds a 49.9% stake in Coomboona Holdings in Northern Victoria.

Harvey Norman reported a 19.3% fall in net profit for the half year, partly attributed to a $20.67 million impairment loss for the write-down of its investment in Coomboona Holdings.

It was also noted in the half year announcement that a dispute had arisen between HNM Galaxy and Eternal Sound in relation to a number of matters, including the future direction of the Coomboona joint venture.

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