Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Rendells Expanding Throughout North Island

Rendells Expanding Throughout North Island

Postie Plus Group Limited (PPGL) announced today that it has entered into an unconditional contract to purchase up to 10 of the Gardner Fashions Limited clothing retail outlets.

Gardner Fashions is a long-standing profitable North Island clothing retailer and the acquisition is restricted to assignment of leases and the purchase of the relevant branch fittings and leasehold improvements, some stock and the employment of a number of Gardner Fashions retail staff. The new sites will be taken over between March and September 2004. “The delayed take over is to allow time for the Group to focus on integrating the recent acquisitions of Arbuckles and Rendells and to provide planning time for the new shops.” Says Mr Paul Young, Postie Plus Group Managing Director.

These new shops will re-open as Rendells Ladieswear Fashion stores. Rendells is a well established mini-department store which has been operating in the Auckland market for more than 120 years and has a strong focus on ladieswear. It will increase the number of stores for Rendells to 17.

Mr Young advised that the impact of the acquisition on the Groups profit for 2003/2004 would be minimal, due to the cost of the acquisition and conversion of these shops, plus the fact that the Gardners branches were being taken over towards the end of the 2003/2004 financial year. These branches should contribute approximately $500,000 additional profit (before tax) to the 2004/2005 financial year.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Budget Policy Statement: 'Wellbeing Of NZers At The Heart Of Budget Priorities'

“We want a wellbeing focus to drive the decisions we make about Government policies and Budget initiatives. This means looking beyond traditional measures - such as GDP - to a wider set of indicators of success,” Grant Robertson said. More>>


Short Of 2017 Record: Insurers Pay $226m Over Extreme Weather

Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). More>>

Environment Commissioner: Transparent Overseer Needed To Regulate Water Quality

Overseer was originally developed as a farm management tool to calculate nutrient loss but is increasingly being used by councils in regulation... “Confidence in Overseer can only be improved by opening up its workings to greater scrutiny.” More>>


Deal Now Reached: Air NZ Workers Vote To Strike

Last week union members voted overwhelmingly in favour of industrial action in response to the company’s low offer and requests for cuts to sick leave and overtime. More>>