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Milford Sound Cruising Co sold to Chch Investors

Media Release
Tuesday 25th July 2006

Milford Sound Cruising Company sold to Christchurch Investors

Neil Sutherland has announced the sale of Mitre Peak Cruises to Christchurch-based investors MTT Investments and Gould Holdings.

Mitre Peak Cruises operates two vessels on Milford Sound offering a range of cruise options throughout the day, specialising in smaller, more intimate cruises with approximately 50 passengers per cruise. Established in 1996, Mitre Peak Cruises began with one custom built vessel, Mitre Peak I, then added Mitre Peak II in 2004.

GHL and MTT also hold interests in the Milford Dart tunnel proposal to build a 10.2 km tunnel providing access from Queenstown to Milford Sound in 2 hours, versus the current 5-6 hour journey. Milford Dart will use low emission hybrid electric coaches to transport visitors to Milford Sound and the project represents the largest single investment in New Zealand tourism infrastructure.

Mr Sutherland said he was pleased to conclude the sale of the business, having fielded a number of expressions of interest in recent years.

“Mitre Peak Cruises is a solid, locally based business and I am pleased to be remaining a director after the sale,” he said.

The sale price was not disclosed.

ENDS

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