Sharechat Logo

Whitcoulls sold to Farmers owners

NZPA

Thursday 26th May 2011

Text too small?

The owners of the Farmers department store chain have purchased Whitcoulls and Borders bookstores in New Zealand for an undisclosed sum.

Ferrier Hodgson, the administrator of Australian-based owner REDgroup Retail, announced the sale, which had been the subject of speculation, today.

The buyer is Project Mark, a company in the James Pascoe Group. Anne and David Norman own the group that operates the brands Pascoes Jewellers, Farmers, Stewart Dawsons, Goldmark, Stevens, Prouds and Angus & Coote. The sale price remains confidential. It includes 57 Whitcoulls stores and five Borders stores.

"The sale guarantees the future of the majority of stores and has preserved more than 900 jobs," Ferrier Hodgson partner Steve Sherman said.

"The James Pascoe Group is known for reviving businesses and has a strong record of investment in their stores, stock and people,"

Staff were told of the sale this afternoon, and Mr Norman said store closures would be avoided "if at all possible", businessday.co.nz reported.

James Pascoe Group is a successful business but it has a low profile because it is privately owned. The Normans rarely talk to the media and have been called quiet achievers in New Zealand business.

The New Zealand owned company has emerged as a force in retailing while other businesses faltered. Anne Norman is a granddaughter of James Pascoe.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

28th October 2021 Morning Report
Wellington Drive Technologies Limited (NZX: WDT) Performs Strongly in Q3-2021
Ryman Healthcare Limited (NZX: RYM) Acquires Extensions to Two Existing Victorian Sites
Promisia Healthcare Limited (NZX: PHL) Banking Covenant Update
Pictor Limited Announces Start of US Clinical Trials for SARS-CoV-2 Serology Test
Arvida Group Limited (NZX: ARV) Opening of Rights Offer
Move Logistics Group Limited (NZX: MOV) Announces $40m Capital Raise
27th October 2021 Morning Report
The a2 Milk Company Limited (NZX: ATM) Investor Day 2021
Contact Energy Limited (NZX: CEN) Considers Green Capital Bond Offer