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Tourism Holdings boost

By Chris Hutching

Friday 28th July 2000

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With its annual profit to be announced soon, Tourism Holdings has strengthened its balance sheet with a $12 million reduction in the price it paid for the Britz motor-home business.

According to chief financial officer Ian Lewington, the terms of the $161 million consideration for the Britz deal provided for payments from warranties. As a result, the $12 million adjustment was made after negotiations with the vendors of Britz in favour of Tourism Holdings.

Mr Lewington said the money would be used to reduce Tourism Holdings' debt of around $97 million.

"We'll probably be looking at about a 50% equity ratio after this, so it's pretty healthy."

Tourism Holdings will upgrade its Maui and Britz campervan fleet with 225 Mercedes vans worth $A13.9 million.

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