New BIL chief executive

Press, 20 December 1985, Page 10

New BIL chief executive

By SIMON LOUISSON in Wellington Thirty-two-year-old Mr Paul Collins has been appointed chief executive of Brierley Investments, Ltd. The man he succeeds, Mr Bruce Hancox, is to become deputy chairman of BIL assisting Mr Ron Brierley in strategic development. Dubbed by some people in the market as “the ?100 million man” following the merger of BIL and Buntings last year, Mr Collins was regarded as one of the major assets BIL gained through the merger. “There’s no question, Paul was a factor in our decision,” said Mr Hancox. “We had a need for some finance and administrative skills at the time. He was a motivating force for our original examination of Buntings.” Mr Collins joined BIL after graduating from Victoria University but left in 1979 with a former BIL director, Mr Bruce Judge, to pursue their own business through H. W. Smith which became Bunting and Company. BIL will not undergo any change in direction under Mr Collins’ direction.

“The strength of Brierley’s is that it has always stuck to the basic philosophy spelt out by Ron Brierley way back in 1961 — that is, to purchase assets at a discount,” says Mr Collins.

He rejects the suggestion that the company will follow a slower growth path within New Zealand, with few bargains left to pick up and more competition from Brierley imitators.

“Look at the last four or five months. Yesterday we picked up Williams and Kettle. Earlier there was involvement in DIC, Lane Walker Rudkin, Waitaki, EMCO. And it’s not only at that level of activity. Some subsidiaries such as Winstones and Whitcoulls have

been active in acquiring other companies.” He says that as long as New Zealand remains a capitalist economy there will be opportunities but the problem was to select the right ones. He says BIL has almost no presence in the finance, insurance, tourist, transport and agriculture sectors.

“While the company will be looking for growth from the U.S., U.K., and Australia, it will by no means be ignoring the New Zealand market.” Mr Hancox will move into a position to assist Mr Brierley on “group-wide strategy and development.” “If we had a holding company then I’d be in it,” says Mr Hancox.

“BIL is of a size and scope now that there is a need to spend much more time on the over-all strategy.” Mr Hancox says that Mr Brierley’s role will not alter but his time and resources had been “stretched like a rubber band” and it was impractical to leave things that way. Mr Hancox will continue to be based in Wellington while Mr Brierley remains in Sydney. Mr Hancox says that, in effect, Mr Collins has been running BIL for some time. He said that Mr Collins, at 32, is older than he’was when he became chief executive and “there was not the slightest question within Brierley’s as to who would become the chief executive.”