The company was saved from voluntary liquidation this year when a vote to do so fell less than 5% short of the threshold required for it to succeed.
The result was seen as a vote of no confidence by the company’s previous board, who resigned from their positions and triggered the election of a new board.
Ocho director Isabelle Prosser — who was elected to the board alongside former directors Jim O’Malley and Scott Muir in July — said she spent the past few months corresponding with shareholders, and the feedback so far had been “excellent”.
When the news first broke of the now rejected proposal to place the craft chocolate company in voluntary liquidation, then Ocho board chairman Pete Lead said they believed the company was unable to trade out of its financial situation and had “no prospect of achieving future profitability under the current business model”.
Ms Prosser, on the other hand, said the current business model was “working really well”.
“Maybe [the previous board] looked at a certain part of a business model that they were concentrated on.
“But when I look at what we have, we’ve already built up a reputation and incredible products — we’ve built up a brand that has already created a legacy that will continue.
“We’ve got very, very strong processes from the amazing team that we have in the shop and the factory and we’ve got an incredible community behind us.
“So for us, we’re only seeing the positives.”
The previous board’s assessment of the company was “just them and the way they run”.
“And we run differently and have a different opinion …
“We believe in it and we’re driving it forward.”
Since taking the reins, the new board was focused on having “a lot more communication” with the company’s more than 3700 shareholders, being more direct with their customers and adding the “human factor” into the equation to create a “warmer and deeper approach”.
The approaching Christmas period was an important time of year for Ocho, “like any confectionery company” and, while they were not relying on it, their sales during that period would help them to get through a few quarters more comfortably, Ms Prosser said.
People tended to buy more confectionery, including chocolate, over that time and it was their aim to “try and fatten the turkey as much as possible in the process”.
Dr O’Malley previously proposed the formation of an interim Ocho board and said, if elected, he would request a resolution to select a permanent board within three months, in time for the company’s next AGM.
Ms Prosser said it was “too early to say” if she would continue on the board of directors, but discussions with shareholders and the rest of the board were “imminent”.
The AGM would offer some insight into the direction Ocho would need to take in 2025.
“But right now, we’re definitely sailing that ship and we’re sailing in the right direction.”
tim.scott@odt.co.nz
