Contractor sells up — $1M expected

Press, 24 May 1977, Page 6

Contractor sells up — $1M expected

Contracting equipment with a replacement value of about $2.5M will be auctioned this week in the closing-down sale of all the equipment of Demolition and Reading Contractors (N.Z.), Ltd. The auctioneer (Mr D. O. Chapman) of Ford and Hadfield, Ltd, said the sale would be the biggest of its kind in the South Island, and possibly in New Zealand. Prospective buyers had expressed interest from all

parts of New Zealand, he said, and the equipment should realise about SIM. The company is selling up because of low returns on its capital, according to one of the directors, Mr C. Trousselot. “We can have equipment worth $}M on a job and make a return of $3OOO to $4000,” he said. Money from the auction would be used in another business venture, said Mr Trousselot. He refused to comment further. Everything from a 1500 kg demolition ball, to a laser beam kit for pipe laying, and portable smoko sheds will be put under the hammer by the auctioneer on Wednesday and Thursday. Demolition and Roading Contractors (N.Z.), Ltd, has been in business since November 1970, when it bought some of the equipment of Ryan Brothers, Ltd, when the Ryans retired from the contracting business.

The company has close! followed the Ryan Brother type of operation — earthmoving, reading, cartage, drainage, sewerage, pile driving, blasting, demolition, and underwater salvage. Mr Trousselot was the contracts supervisor with Ryan Brothers until the Ryans sold out. His fellow directors are Mr A. E. Smith, and Mr G. Chaffey. Mr Trousselot said there was obviously going to be a gap left by the closing of the company, because it had built up a substantial contracting business. He did not think there would be another company with the money to buy it out. The equipment to be auctioned will include 15 motor vehicles, 15 trucks, 10 excavators, three graders, three bulldozers, three rollers, two watercarts, one tractor, and a transporter. The company’s three and a half acre site in Wickhai Street, Bromley, will also br sold soon.