Mossgreen announces the acquisition of Webb's

MOSSGREEN ANNOUNCES THE ACQUISITION OF NEW ZEALAND’S PREMIER AUCTION HOUSE, WEBB’S

Mossgreen is pleased to announce that Webb’s (Peter Webb Galleries Limited) and its NZX listed parent company, Bethunes Investments Limited (BIL.NZX) has entered into a conditional agreement to sell Webb’s to Mossgreen.

Subject to all terms and conditions being satisfied (including BIL shareholder approval) Mossgreen will take operational control of Webb’s on 1 January 2016.

Webb’s will operate as a wholly-owned subsidiary of the Australian auction-house and gallery, Mossgreen, which has successfully developed and grown its business to become the largest multi-discipline auction house in Australia over the past ten years.

Mossgreen CEO, Paul Sumner commented, “We are very excited by the opportunities that this acquisition will create, as Mossgreen and Webb’s will become the first truly trans-Tasman auction house. We are looking forward to developing the clear synergies that already exist between these two strong and well-respected auction brands."

And, “On a personal level I am excited to return my attention to New Zealand, a country where I spent a lot of time when I managed Australia and New Zealand business for Sotheby's International” He continued “New Zealand is a country rich in culture and with a strong interest in the visual arts and we are delighted to expand our business into this market."

Established in 1976, Webb's is New Zealand's premier auction house specialising in the sale of fine art, jewellery, watches, rare books, fine wines, vintage cars and motorcycles.

Visit Webb’s online at www.webbs.co.nz

ENDS

© Scoop Media