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

Thursday 18th July 2013

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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.

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