Wellington, Nov 3 NZPA - Christchurch-based failed flight simulator business Flight Experience Group is being marketed for sale.

The company makes and sells flight simulators for pilot training and entertainment. It has six outlets around the country plus sites in Australia, Singapore and Hong Kong.

The company was put in receivership last week by its bankers, owed $4 million, The New Zealand Herald reported.

Mike Pero Mortgages founder Mike Pero is a major shareholder, as is Sky TV founder Craig Heatley's investment vehicle Ocean Private Equity. The Warehouse founder Stephen Tindall's K1W1 also has a stake.

The company was placed in voluntary administration by its owners last month, but within a week ASB had called in the receivers over the top.

Mr Pero said the plan was to relaunch the company with the assets bought by his Australia-based brother Iain, who has the Sydney Flight Experience franchise, and the business' founder, Russell Hubber.

Receivers Grant Thornton of Christchurch confirmed Flight Experience Group was being marketed for sale, but said a deal had not been done yet.