The Grand goes into liquidation

Friday, 27 September 2024

The Grand was to have opened in Christchurch’s former central post office in Cathedral Square.

The Grand Cathedral Square Ltd, the company behind the failed plan to establish a visitor and hospitality complex in Christchurch’s old central post office, is in liquidation.

Founder and major shareholder Darin Rainbird put his company into voluntary administration in late August. That has now led to liquidators Carey McCullagh and Stephen Mark Lawrence being appointed to wind up the company.

The complex was initially meant to open in late 2021, but Rainbird struggled for funds to fully fit out the heritage building.

Landlord Gordon Chamberlain is now seeking new tenants.

Darin Rainbird on the premises before the collapse of the company. New tenants are now wanted for the heritage building.

The company’s creditors include both former employees, some of whom say they have been left heavily out of pocket, and businesses owed payment.

McCullagh and Lawrence have given creditors until November 25 to make claims against the company.

Rainbird told shareholders recently he felt “great regret and guilt” over the failure of the business.

Are you affected by this business collapse? Email liz.mcdonald@press.co.nz

The company has about 60 shareholders, including both crowd-fund investors and staff given shares in lieu of wages. Many of the staff are on work visas.

Rainbird is the largest shareholder with just under 73% of the company.

He is also a director and shareholder of four other companies, Wreckless Inc Ltd, Seedostay Ltd, Dondar Enterprises Ltd, and Peninsula Promotions Ltd.