Popular boutique cheese-making company Zany Zeus 2020 Ltd was put into receivership by the secured creditor, who also holds the majority share.
“Sales have declined since 2020, which has put pressure on cash flow as the business has moved premises to enhance its production capability,” receiver Heath Gair said.
“The receivership process keeps multiple options for the business on the table, but unfortunately a small number of staff have had to be let go given the current demand and economic climate.”
Zany Zeus 2020 Ltd. offers a variety of cheeses, including feta, halloumi, paneer, and ricotta, as well as other dairy products like yoghurt, cream cheese, crème fraîche, and mascarpone.
Despite the situation, the business continues to operate normally and would keep producing its acclaimed selection of milk and cheese products, which became more famous in 2017 when actress Scarlett Johansson shared with E News that the Zany Zeus chocolate cake was the finest she had ever tasted. She discovered the café while on location in Wellington filming Ghost in the Shell.
The original Zany Zeus, founded in 2000 by Michael Matsis, faced significant financial challenges that led to its placement into receivership by PwC in December 2019. The company had hit financial difficulties while setting up a new factory, experiencing cost overruns and time delays, which put a lot of cash flow pressure on the business.
However, in April 2020, a group of private investors and founder shareholders announced they had reconstituted the enterprise as Zany Zeus 2020 Ltd, buying it back from receivers PwC on April 3. This allowed the popular cheese and ice cream maker to continue operations under new ownership.
