Hanover's Hotchin: 'I'm no exile abroad'

By Deborah Hill Cone

Friday 21st May 2004

Is Eric Watson's buddy Mark Hotchin going to join him in exile abroad?

In finance circles, sources said this is what they had been told about the Hanover shareholder, but Hotchin insists it is not the case, despite the fact he has put his house on the market and is now in Europe.

"I left New Zealand to go to Europe a few weeks ago and I'm surprised the rumour mill has been so active," Hotchin said.

He said he planned to "while away" the New Zealand winter in the northern hemisphere but would continue to spend "a lot of time" in this country because of his business interests.

A statement said he did not plan to leave New Zealand permanently.

Hotchin was in France this week with Watson, where the film Spooked, which the pair executive-produced through their company Capital Pictures, was being promoted.

Hotchin's investments include a 50% shareholding in finance company Hanover Group, as well as a stake in Warriors' owner Cullen Sports.

His property at 16 Bridgewater Road, Parnell, Auckland has been on the market and went up for tender, but was not sold.

This week, Bayleys said the "For Sale" sign had been taken down but the property was still on the block.

Hotchin said he was "in between houses at the moment."

Land office records show the house was bought by Hotchin in 1999 for $2.3 million a stunning bargain given that its government valuation in 1997 was $3.5 million.

When asked two months ago about speculation he was following partner Watson and stepping back from being involved in Hanover Group, Hotchin said the speculation was unfounded.

"At the moment I'm in Australia working on our strategy over here," Hotchin told NBR in March.

"I'm reasonably hands-on I'm in contact with the office all day, every day,"

Sources said Hotchin was giving up his board seat on some of his New Zealand companies but Companies Office records do not show any recent changes to his 28 directorships.

There is still no news of the independent director who Hotchin said in March would be announced to join the Hanover board "within a week."

Meanwhile, insolvency specialist Michael Stiassny has joined the board of another Eric Watson-linked company, Pacific Retail Group.

Comments from our readers

No comments yet