Press release       27 November 2013

GSB changes its name to n3

New Zealand’s leading procurement specialist, GSB, is under new ownership, having been acquired by three Kiwi investors, and it has changed its name to n3.

GSB (Government Stores Board) – Group Buying Power commenced life more than a century ago to secure better deals for government departments, making it the oldest and most reliable buying group in New Zealand.

Under the new ownership structure, n3 returns to being 100% New Zealand-owned and operated.

Jeremy Howcroft has also been appointed as General Manager. Collectively, the owners were attracted by the opportunity to further grow the business and add value to its already increasing customer base.

Having over 12,000 New Zealand companies in its network gives n3 massive clout to pre-negotiate premium contracts with over 100 leading suppliers, including Caltex, Fonterra, Noel Leeming, Resene and Bunnings.

Over the last five years, n3 has provided savings to its members in excess of $300 million, off a total spend of more than $1.25 billion. 

Jeremy Howcroft says, “With the change in the ownership structure we have had an opportunity to re-think and modernise this 100 year-old business.

“We have moved beyond GSB with a new energy, name and approach by streamlining our processes. We have a very clear vision to grow our members savings, and reduce their bottom line, while making sure our suppliers grow their market share and revenue,” he adds.

“The simplest way for us to show this strong vision for the future is through a name change and every aspect of our business needs to reflect that. We’ve built our new website around making it simpler and easier for both members and suppliers to achieve this growth. By reinforcing the value we provide members through transparent savings and reporting, to giving suppliers opportunities to reach buyers that are highly targeted and relevant. We’re excited about the changes we’ve made and how this will impact our key stakeholders business,” concludes Mr Howcroft. 

For more information on how to become a member or a supplier, visit www.n3.co.nz

ENDS