Investment company Hellaby Holdings Limited today announced that it has reached a settlement with the owners of BBQ Factory Limited in full and final settlement of the outstanding debt owed to Hellaby.

Hellaby sold BBQ Factory to a consortium in June 2008 for a deferred consideration of $5.8 million. Since then it has received only $1.35 million against this outstanding loan, considerably less than the repayments scheduled under the original sale terms.

In June this year, ongoing uncertainty about further repayments led the Hellaby Board to fully provide against the remaining debt of $4.44 million. 

Hellaby Managing Director John Williamson said that Hellaby now expects to recover approximately 25% of the outstanding debt over the next three months.

"Having reviewed the costs and benefits of the various recovery options we believe that this settlement is, on balance, the best value recovery for Hellaby shareholders."

For further information, please contact:

John Williamson                                                 Richard Jolly
Chief Executive Officer                                     Chief Financial Officer
Hellaby Holdings Limited                                    Hellaby Holdings Limited
Phone: 09 - 307 6844                                        Phone: 09 - 307 6844
Mobile: 021 - 271 4960                                      Mobile: 0274 - 976 710