Receivers appointed to The Rainbow Group
14 March 2023
Stephen White and John Fisk of PwC were appointed as receivers of The Rainbow Group of Companies Limited and certain associated companies (listed below) on 14 March 2023.
The group consists of 13 Rainbow Corner early childhood education (ECE) centres situated across New Zealand, a network of in-home based childcare providers and an ECE private training establishment, and upon appointment employed approximately 130 staff.
Receiver Stephen White says “we are yet to have fully established the factors contributing to the financial issues faced by the group, but expect that suspensions and cancellation of a number of ECE licenses - which have attracted recent media scrutiny - will have contributed”.
A consequence of the receivership is that any ECE licenses held by companies in receivership were automatically suspended upon the appointment of the receivers. Accordingly, the receivers have had to suspend childcare operations with immediate effect.
Receiver Stephen White stated “we appreciate that these closures will cause a number of families significant disruption in the coming days, but unfortunately there was no alternative option under the circumstances. The receivers are working closely with the Ministry of Education to minimise the impact on families to the greatest extent possible”.
The receivers will be briefing staff and contacting customers and other stakeholders in the following days to update them on the impact of the receivership, while also determining options available to maximise recoveries for the Group’s creditors.
List of companies over which receivers have been appointed:
The Rainbow Corner Group of Companies Limited
For Life Education & Training (NZ) Limited
Porse Education & Training (NZ) Limited
Porse In-Home Childcare (NZ) Limited
The Rainbow Corner Catering Services Limited
The Rainbow Corner Consultancy Services Limited
The Rainbow Corner Early Learning Centre Private Limited
The Rainbow Corner East Tamaki Holdings Limited
The Rainbow Corner Educational Trust Bayfair Limited
The Rainbow Corner Educational Trust Bethlehem Limited
The Rainbow Corner Educational Trust Blenheim Limited
The Rainbow Corner Educational Trust Christchurch Limited
The Rainbow Corner Educational Trust Gulf Harbour Limited
The Rainbow Corner Educational Trust Hamilton Limited
The Rainbow Corner Educational Trust Invercargill Limited
The Rainbow Corner Educational Trust Limited
The Rainbow Corner Educational Trust Manurewa Limited
The Rainbow Corner Educational Trust Queenstown Limited
The Rainbow Corner Homebased Early Learning Service Private Limited
The Rainbow Corner Educational Trust Hastings Limited
