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

 


McMillan family sells out of Team McMillan to Collins Asset

McMillan family sells half stake in Team McMillan to Tim Cook’s Collins Asset

May 19 (BusinessDesk) – The McMillan family is selling its half stake in Auckland-based BMW, Mini and Roll Royce dealer Team McMillan to co-owner Collins Asset Management, and founder Bob McMillan will retire from the business.

Collins Asset Management’s managing director Tim Cook said financial terms of the transaction, which is effective on June 30, were confidential. Team McMillan, based on Great South Road, is Auckland’s largest BMW dealership and the European automaker’s New Zealand ‘sales dealer of the year’ for the past two years.

Cook is already on the Team McMillan board. His firm’s interests include 16 percent of NZX-listed Veritas Investments and held a 19.7 percent stake in juice maker Charlie’s Group until it was sold to Asahi Group in 2011.

Cook is also managing director of Cook Executive Recruitment and this month joined the board of MyWave after Collins participated in the software start-up’s capital raising to become its second largest shareholder on 7.1 percent. It also owns about 27 percent of VnC Cocktails

According to the Team McMillan website, Bob McMillan started the company in 1985 by buying Johnstone BMW. He now plans to retire at the age of 72.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news