3 February 2012: PPB Advisory today announced that it has entered into a conditional agreement with Eu Yan Sang Australia Pty Limited, for the sale of the majority of businesses and assets of Healthzone Limited (ASX:HZL) and its related entities.
Healthzone is a natural health and beauty products distribution and retail business with franchise and company-owned stores operating across Australia.
The sale of these businesses and assets by PPB Advisory will ensure the Healthzone business can continue operating with certainty.
“We are very pleased to provide a positive and timely outcome with the sale of the majority of Healthzone’s businesses. This is a great result for continuing franchisees, employees, customers and suppliers of the business” said Phil Carter of PPB Advisory.
“The sale of the majority of businesses means that Healthzone’s network of retail stores and its extensive distribution channels can now continue to operate with certainty and stability.”
Eu Yan Sang Australia Pty Limited is a wholly owned subsidiary of Eu Yan Sang International, which is a Singaporean listed company.
Phil Carter and Chris Hill of PPB Advisory were appointed Receivers and Managers of Healthzone and its related entities on 17 November 2011.
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Further information:
Sam Wallman: 0405 399 430
Ben Jarvis: 0413 150 448
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