Jetlag drink company goes into liquidation

The flight drink company 1Above, partly-owned by the high profile, venture capital fund Movac and businessman Gareth Morgan, is in liquidation owing almost $10 million.

1Above sold drinks and tablets to help people recover from jetlag and hangovers.

The company ceased trading last week and liquidators from McGrathNicoll were appointed to wind it up.

"Following an unsuccessful process by the company to sell its business, the liquidators were approached by the company's legal advisors," the liquidator's first report said.

The company accounts showed it owed $9.75m to creditors and employees, including Inland Revenue, Auckland International Airport, the Bank of New Zealand and supermarket company Foodstuffs.

It had just $1.73m of assets available to pay them back, resulting in an $8m deficit.

1Above's parent company was majority owned by director Toby King, while Movac had a 30 percent stake and Gareth Morgan owned a minor stake through his investment firm, according to the Companies Office records.

RNZ has contacted 1Above's directors, Toby King and Mark Vivian of Movac, for comment but they are yet to respond.

This article was originally published on RNZ and re-published with permission.

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