Company News HICKS, ATKIN. FOR SALE

Press, Volume CII, Issue 30153, 10 June 1963, Page 16

Company News HICKS, ATKIN. FOR SALE

Mvers May Buy Stock (N.Z. Press Asm. —Copj/ripht) MELBOURNE, June 9. Hicks, Atkinson Proprietary, Ltd., a Reid Murray subsidiary and the oldest retailer in Melbourne, would cease business as a retailer on Friday, June 14. if the company had not been sold as a going concern by that date, according to the receiver, Mr R. W. Ellis. He announced that an agreement had been reached for the sale of the company’s trading stock to the Myer Emporium, Ltd. This agreement was subject to the business not being sold as a going concern by June 14.

Sale price of the trading stock, which now had a book value of just under £450,000. was satisfactory. The three buildings owned by the company would be offered at public auction in August if they were not sold as part of the going concern. Employees

About 300 people were employed by the company, and the majority of these would be dismissed if sale of the going business was not made within the time set. The statement of affairs released by directors of the company earlier this month showed the total realisable value of assets at just over £3m. Of this about £2m is represented by the three properties, stock and plant and equipment. In his comments on the statement, Mr Ellis said the land and buildings were not expected to realise the £l.3m shown in the statement and lie had obtained valuations which were about £ 500,000 lower than the figure stated.