Sharechat Logo

Tourism Holdings looks to snaffle failed Pacific Horizon's customers, won’t buy assets

Thursday 18th July 2013

Text too small?

Tourism Holdings, the rental campervan operator which merged with two rivals last year, has told the receivers of Pacific Horizon it's available to pick-up any customers left out in the cold, but won't buy the failed firm's assets.

The Auckland-based company has already approached KordaMentha's Brendon Gibson and Grant Graham, who were appointed receivers of Pacific Horizon yesterday, to help the rival company's customers, it said in a statement. Tourism Holdings won't buy or lease any of Pacific Horizon's 260-strong fleet, it said.

"With the largest range and fleet size in the industry, THL is in the best position to assist," chief executive Grant Webster said. "We will look to offer customers as close to an equivalent product and price as we can."

Tourism Holdings cut annual earnings guidance in February after posting a small first-half loss, citing tough trading conditions across the Tasman. Its shares were unchanged at 60 cents yesterday, and have dropped 13 percent this year.

It merged with two rivals last year as the wider sector struggles in a moribund global economy and the strong kiwi dollar erodes the attraction of New Zealand as a destination for long-haul travellers.

The company dismissed speculation the rival Pacific Horizon fleet will be dumped on the market in a fire sale, and that the financiers will seek the best price.

BusinessDesk.co.nz



  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:

Tainui appoints ex-Heartland exec Craig Stephen to drive new investment strategy
Utilico sells Tourism Holdings stake for $5.7 mln
Tourism Holdings says annual earnings fell 11 percent to $14.6 million on weak demand in Australia
GPG's Campbell joins Tourism Holdings board
Tourism Holdings shares fall on earnings guidance cut, weak Australian market
Tourism Holdings forecasts first-half loss on merger costs
Tourism Holdings shareholders give $69.5M merger the nod
Tourism Holdings $69.5M merger offers 'compelling' opportunities
Tourism Holdings shares surge
Tourism Holdings to merge NZ rentals with KEA, United Campervans