PURCHASE OF BUSINESS.
MINISTER ANNOUNCES DETAILS. WELLINGTON, Nov. 26. An announcement that the firm of Picot Bros., Ltd., had been purchased at a cost of £65,958 16s 7d was made by the Minister of Marketing (Hon. AV. Nash) during the debate on the estimates of the Internal Marketing Department in the House of Representatives last night. The ,sum was stated by Mr Nash to have been made up as follows : £ Freehold property ... 28,000 Goodwill 15,000 Compensation for loss on book debts 5,000 Plant and equipment 2,054 Vehicles 2,549 Stock 12,745 Stationery. 149 Sundries ••• 213 Apportionment of, insurances, etc., "4t Reference was maeje by Mr Nash to the negotiations leading up to the purchase of the firm. He said that Mr J. S. Barton, S.M., the Secretary o* the Department of Industries and Commerce, Mr L. J. Schmitt, and Mr E. J. Fawcett, of the Department of Agriculture, were appointed to discuss with Messrs Picot the terms for. the sale of the undertakings owned by Picot Bros., Ltd., and Picot Bros. (Palmerston North), Ltd. Mr Barton and his associate reached a basis of agreement with Picot Bros. as_/ to the valuation to be placed upon certain of the assets.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/MS19371126.2.121.5
Bibliographic details
Manawatu Standard, Volume LVII, Issue 307, 26 November 1937, Page 9
Word Count
198PURCHASE OF BUSINESS. Manawatu Standard, Volume LVII, Issue 307, 26 November 1937, Page 9
Using This Item
Stuff Ltd is the copyright owner for the Manawatu Standard. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.