Published 26 March 2010
Mitre 10 (NZ) Ltd has acquired full ownership of its brand names, appointed a new chief executive and produced aggressive plans for growth.
The organisation said yesterday it had acquired full ownership of the Mitre 10 brands for New Zealand following the sale of 50.1% of Mitre 10 Australia to Metcash Trading Ltd. Metcash has an option to acquire the remaining 49.9% by 2013.
Mitre 10 NZ previously used the name under a registered-user agreement from brand owner Mitre 10 Ltd which, following the Australian deal, no longer exists.
Mitre 10 NZ, launched in 1974, is a completely separate company from Mitre 10 Australia and, as a co-operative, is wholly owned & operated by local families. It has 110 stores, 3500 staff and sales approaching $1 billion/year.
The chairman of the Mitre 10 NZ board, Martin Dippie, said the change would ensure Mitre 10 NZ remained in control of its own destiny. He also announced the appointment of John Hartmann as the co-op’s new chief executive: “John is a former chief operating officer of HD Supply, a leading American wholesale distribution company, and before that worked for Home Depot – the world’s largest home improvement retailer.
“His expertise will be invaluable in leading Mitre 10 NZ as we enter our next major growth phase.”
Mr Dippie said the co-op’s expansion plans included rolling out new Mitre 10 Mega stores around the country: “Mitre 10 Mega was launched in New Zealand in 2004 and has been phenomenally successful. Our 23rd Mega will open before Christmas in Mt Wellington and we expect to have at least another 10 open by the end of 2011.”
Meanwhile, the 10,000m² Mitre 10 Mega store in Blenheim has been put on the market by father-&-son building trade entrepreneurs Graeme & David Hawtin, who built it on the south-eastern outskirts of the town 3 years ago. Dedicated DIY builder & businessman Graeme Hawtin has been involved with the Mitre 10 brand since it was first brought to New Zealand, moving the franchise operation around Blenheim 5 times as the business steadily grew.
The property is leased to Mitre 10 NZ Ltd for 15 years from 2007, – with 3 further 5-year rights of renewal. It’s generating $1.08 million net rent plus gst/year. The Hawtins will continue to operate the business as sub-tenants of Mitre 10 NZ. Registrations of interest close with Bayleys Marlborough on Friday 16 April.
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Attribution: Company & agency releases, story written by Bob Dey for the Bob Dey Property Report.