Former Richmastery company in liquidation

Richmastery Ltd changed its name to Ralph Trading in May this year. Around the same time, Richmastery founder and head Phil Jones also incorporated a new company called Richmastery NZ Ltd.

Ralph Trading was put into liquidation by its sole shareholder Zooloo Holdings, which is owned by Rich Investments, which is in turn owned by Jones.

Ralph Trading was put into liquidation "due to a strategic realignment of group assets following an international business expansion from Mr Jones's relocation to the USA and a change in the national franchise structure," the liquidator's report said.

In defending the move, Jones wrote in a Richmastery blog: "It was recommended by our accounting advisers that we close Richmastery's old trading structure and move the new business operations to a fresh entity, thereby enabling the correct operational and asset planning structure to be established for future business operations. This is exactly what we have done!"