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

 

Horncastle downsizes as retirement looms

Horncastle downsizes as retirement looms


Horncastle Homes is taking a new business direction and exiting the volume home building business in both Auckland and Christchurch.

Owner Bill Horncastle is looking to slow down his business life and focus on other opportunities, niche building projects and life interests.

The company will continue to honour all its commitments and obligations.

Bill Horncastle, after 40 years in the industry, believes now is the right time to take a step back from running such a high energy business.

“I have been thinking about this for a considerable time and looking at every option.

“I have looked at selling the business or organising a management buyout but both options would probably mean I need to stay heavily involved for another three to five years which is just too long.

“I know many will think it strange that I just want to downsize and not realise any profit from the business, but for me it is the easiest option.

“My name is so intricately entwined with the business that options such as selling and management buyouts are not as easy as they seem.

“We have built this business on quality and we will continue to deliver a quality product and service until the end.

“With the business in such a strong financial position, now is considered the best time to downsize. The house construction market is cyclical and the last several years have been extremely buoyant. Our balance sheets are strong,” he said.

“We will continue to downsize but will still deliver the premium service we have based our business around,” he said.

Horncastle is totally committed to its sponsorship of the Horncastle Arena, which expires in two years.

“We took up this sponsorship of the Christchurch Horncastle Arena during post earthquakes times when Christchurch needed a place for people to meet and be entertained. We are proud of that investment,” he said.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Consents For New Homes At All-Time High

A record 41,028 new homes have been consented in the year ended March 2021, Stats NZ said today. The previous record for the annual number of new homes consented was 40,025 in the year ended February 1974. “Within 10 years the number of new homes ... More>>

Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>

ALSO:

Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Reserve Bank: Concerned About New Zealand's Rising House Prices

New Zealand house prices have risen significantly in the past 12 months. This has raised concerns at the Reserve Bank of New Zealand – Te Putea Matua about the risk this poses to financial stability. Central banks responded swiftly to the global ... More>>

Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>