Brierley sells its Spedding holding

Press, 26 February 1981, Page 18

Brierley sells its Spedding holding

The privately-owned Anthony group of companies of Wellington has acquired a major holding in the listed public company, Spedding Consolidated, Ltd. The company operates from Auckland and has branches in Wellington, Christchurch, and Dunedin. In the'last financial year, it reported a consolidated turnover of $13,577,309 and a net after tax profit of $162,895; shareholders’ funds stood at $3,171,025. The proposal to acquire a 35 per cent holding was initiated by the Anthony group, and has received consent from the Examiner of Commercial Practices. The

holding includes the shares previously held by Brierley Investments, Ltd; In a statement. Anthony’s- 1 group managing director (Mr ; . Peter Wise) said that his-, group would, through repre-*" seritation on the Spedding board, provide addi-- ; tional management ex--; pertise plus the possibility’ of some rationalisation ih> areas where the activities 'of t the two companies were complementary. It was posisible, he said, that the in-* fluence of the Anthony’’ Group would cause the development and expansion"* of the areas of activity in” which Spedding is already- 1 interested.