Bridgecorp sales up 43%

Press, 26 February 1987, Page 26

Bridgecorp sales up 43%

The recently restructured Bridgecorp Holdings, Ltd, (the former Bridgevale Mining, Ltd), which .owns 56 per cent of The Toy Warehouse chain of retail stores, has reported a 43 per cent increase in sales to the year ended January 31, 1987. Bridgecorp’s chairman, Mr Charles St Clair Brown, said the sales performance was in contrast to the general malaise of the retail sector and resulted from the company’s purchasing policy and commitment to advertising during the Christmas period. He added that two new stores were opened, at Christchurch and Palmerston North, before Christmas. He said a preliminary profit announcement was expected within four

weeks. Bridgecorp, owned 37.5 per cent by Growthlink Holdings, Ltd, which is soon to be listed, was acquired last year as the shell of the Bridgevale Mining Company. Mr St Clair Brown said that as a result of the restructure many Bridgecorp shareholders had small, unmarketable shareholdings. Shareholders would be offered the opportunity to subscribe for additional shares to bring their holdings up to marketable parcels. Details would be advised shortly and an extraordinary general meeting would be called. Sales since the Christmas period had continued in line with budget, Mr St Clair Brown said.