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Noel Leeming Group to sell Fisher & Paykel

2 March 2005

Noel Leeming Group to sell Fisher & Paykel

Auckland, Wednesday 2 March 2005 - Noel Leeming Group will sell the full range of Fisher and Paykel and Whirlpool appliances in its Noel Leeming branded stores from later next month.

Noel Leeming stores will become New Zealand’s largest specialist appliance retailer of Fisher and Paykel products.

Noel Leeming Group chief executive Nick Lowe says the move is a fantastic one for customers, his retail business, and for Fisher and Paykel.

“The deal brings New Zealand’s largest appliance retailer, Noel Leeming, together in partnership with Fisher and Paykel, New Zealand’s largest household appliance manufacturer.

“Now, Noel Leeming Group customers will have access to the broadest range of appliances and electronics in New Zealand. Also for the first time, customers will be able to get Fly Buy points on Fisher and Paykel products at Noel Leeming,” says Lowe.

John Bongard, managing director of Fisher and Paykel, said that this is a significant increase in the availability of Fisher and Paykel goods. “We are looking forward to seeing our product range displayed nationally through Noel Leeming stores,” he said.

This is an important and unique deal for the Group. Under this agreement, Noel Leeming Group will now offer New Zealand’s widest range of household appliances. Fisher and Paykel will be available exclusively in its Noel Leeming branded stores, while Bond & Bond stores will continue to sell a wide range of international brands including Samsung, Mitsubishi and Haier.

The Noel Leeming Group is owned by Gresham Private Equity. It operates 45 Noel Leeming stores and 34 Bond & Bond stores across New Zealand.

ENDS

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