Savor Group, formerly Moa Group, has launched a $6 million rights issue as it pushes further into the hospitality trade, Stuff reports. The company changed its name in February when it sold its well-known Moa Brewing craft beer business for $1.9m to Mallbeca Ltd, a company associated with previous chief executive Stephen Smith. Earlier this month, Savor announced it would buy Hipgroup, which owns three venues (Amano, Ortolana and The Store) in Auckland’s popular Britomart complex. The deal will cost $11m in total, in the form of an immediate $7.15m cash payment, $1m of ordinary Savor shares and a deferred cash payment of $2.85m.
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