Merchant buys Sedley Wells

Press, 1 November 1979, Page 1

Merchant buys Sedley Wells

Commercial editor A long-established Christchurch family firm, Sedley Wells, Ltd, has been taken over by Wilson Neill, Ltd, the Dunedin-based wine and spirits merchant, appliance marketer, and game-meat exporter. Sedley Wells becomes a wholly owned subsidiary of Wilson Neill but will continue to trade as an entity under its own name, with its present management and staff.

Mr D. M. Wells, managing director of Sedley Wells, said there would be no redundancies. Sedley Wells has seven, retail outlets in Christchurch and the suburbs and a factory in Wairakei Road that includes the head office, warehouse, and service facilities. The take-over includes Wellard Industries N.Z., Ltd, manufacturer of electronic organs, and distributor of musical instruments and stereo equipment.

Wilson Neill issued 130.000 of its shares, valued about $390,000, to the owners of-Sedley Wells as part of the purchase price. The undisclosed balance will be paid in cash. Mr Wells said the sale of the business was a result of inflation. The difficulties of providing the needed capital in today’s economic climate made desirable an association with a company listed on the stock exchange. Sedley Wells was formed in 1939 when Mr Sedley

Wells, who had been a partner in Cordery Wells, Ltd, radio retailer, from 1932, bought out the Cordery family’s shares. Mr Wells, who had been associated with the piano trade since 1921, retired as managing director three years ago, when his son took over the business and Wellard Industries, a wholesale importing and manufacturing company which Mr Wells, sen., had formed and which had started to make pianos. '

Mr Wells, sen., worked as a piano tuner before he found he had a flair for selling. He went into partnership after having worked as a salesman and sales manager in New Plymouth, Hamilton and Wellington.

From radios and music the company branched out into the home-appliance field and into television when it came to New Zealand. It was a pioneer in electronic organs in this country.