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

 

Real Groovy Auckland Back in Business

Media Release:                                                                                                                                                                                                                                                                                                                Thurs 4 December 2008

Real Groovy Auckland Back in Business

Chris Hart, the founder of Real Groovy, announced today (Friday 05 December 08) that the Auckland business he started 27 years ago has been saved from receivership and will continue to operate under the name, Real Groovy. He and his fellow partners in a new company, Fonografo Limited have bought the stock and assets of the Auckland store from the receivers. Fonografo is owned by Chris Hart, fellow Real Groovy executive director, Marty O’Donnell and new investor, Ralph Brayham.

“Marty and I are both relieved and excited,” said Chris Hart. “Real Groovy is going to be able to continue providing a service that Aucklanders want – a cool place for people to trade their CDs, LPs, DVDs and games.”

“And we’re so grateful for the fantastic support we’ve had from customers and especially our Real Groovy Club members,” he added. “We’re now working flat out to re-stock shelves, to get our selection back up to the levels that we are renowned for.”  In an email to customers he’s told them Real Groovy is back, trading discs and redeeming credit notes and vouchers.

Real Groovy went into voluntary receivership in October. The Real Groovy stores in Christchurch and Wellington have already been sold as going concerns, but the Dunedin store has closed. “We’re really pleased that the Christchurch store, which we opened in 2004, has been bought by the store manager, Paul Huggins and the Wellington store, opened in 1999, has been bought by its manager, Mark Thomas,” said Hart.

Real Groovy occupies a unique position in the retail market. Unlike most other music retailers, the sale of new CDs accounts for less than a third of Real Groovy’s revenue. The core of Real Groovy’s business is people trading their old discs. And vinyl is undergoing a strong renaissance among music enthusiasts, according to Hart, due to its superior audio quality.

No other music retailer carries the volume that Real Groovy does – around 35,000 titles in store and, on the www.realgroovy.co.nz website, around 900,000 CDs, 20,000 DVDs and a million books.  Add the clothing and merchandise range to that and Real Groovy is a unique business, with the online side, in particular, growing rapidly.

The Auckland store has remained very busy throughout the receivership period. “Well we have the deepest music and movie catalogue in the country,” says Hart. “And an incredibly knowledgeable and experienced staff. People who are serious about music and movies tend to come to us. So it’s great for everybody that we’re staying.”

Ends

 

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tiwai Point: Rio Tinto Announces Plans To Close Tiwai Point Smelter

Rio Tinto has just announced that it will wind down New Zealand Aluminium Smelters - the Tiwai Point smelter - saying the business is no longer viable. More>>

ALSO:

Freight: New Report On Auckland Port Relocation

The Government has released a major new report on the options for relocating the Port of Auckland’s freight operations while deferring any decision on the issue. More>>

ALSO:

Chartered Accountants: COVID-19 Fails To Knock Kiwi Investor Confidence, But More Disclosure Wanted

Three months of COVID-19 lockdown and investment turmoil has done little to knock confidence in New Zealand capital markets and listed companies with overall investor sentiment very similar to 2019, an investor survey held in mid June shows. However, ... More>>

ALSO:

Taxation: Black-Market Tobacco Sidesteps $287 Million In Excise Tax

Year-on-year increases in consumption of illicit tobacco in New Zealand have seen illegal trade swell to 11.5% of the total market. If consumed legally, illicit products would have netted the Government $287 million in excise tax during 2019. Independent ... More>>

ALSO:

Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>

ALSO:

XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>

ALSO:

Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>

ALSO:

Electricity: Transmission Pricing For A Low Carbon Future

The Electricity Authority has decided on new guidelines for transmission pricing. James Stevenson-Wallace, Chief Executive of the Electricity Authority says the new guidelines will deliver significant benefits to consumers, through lower electricity ... More>>

ALSO:

NIWA: The Climate Record That Keeps Getting Broken

Among the multitude of New Zealand climate statistics there is one record that continues to be broken month after month. Since January 2017 there has not been one month that recorded a below average nationwide temperature, according to NIWA’s seven station ... More>>

ALSO:

Govt: Extended Loan Scheme Keeps Business Afloat

Small businesses are getting greater certainty about access to finance with an extension to the interest-free cashflow loan scheme to the end of the year. The Small Business Cashflow Loan Scheme has already been extended once, to 24 July. Revenue and Small ... More>>

ALSO:

Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>

ALSO:


RNZ: Fuel, Alcohol Costs To Go Up From Today

The increase today in the taxes on fuel, road user charges and alcohol is being called a tone-deaf move. More>>

ALSO:

Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>


DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>

ALSO:

Potatoes New Zealand: Protecting NZ Fries As Part Of PNZ Pandemic Recovery & Transformation Plan

Potatoes New Zealand has met with Minister Faafoi this week to discuss investigating the potential importation of heavily discounted frozen potato chips into New Zealand. With MBIE’s support we are undertaking an investigation to gather evidence of the ... More>>

ALSO:


New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>

ALSO: