BAKERY COMPANY NOW BEING REFORMED

Sun (Auckland), Volume III, Issue 642, 19 April 1929, Page 1

BAKERY COMPANY NOW BEING REFORMED

KENT AND SONS EXTEND PUBLIC CAPITAL INVITED Because its revenue and earning capacity has entirely outgrown the present capital, the wellknown bakery firm of George Kent and Sons is being formed into a company with a nominal capital of £50,000. From Monday, debentures and a certain number of shares will be available to the public. The business or George Kent and Kona was established in 1572, and later formed into a private company with a capital of £IO,OOO. Subsequently, the capital was increased to £20.000. The present company has a gross Income of £22,000 —an amount in excess of the capital—and it is claimed that the assets without goodwill amount to £56,000. So, in forming a new company, to be known as Kents Bakeries, Ltd., Vr'ith a nominal capital of £50,000 and a first mortgage debenture issue, the capital will be brought into relationship with the earning capacity of the Concern.

A considerable amount of new money has been subscribed privately, but the public will have the opportunity of participating, as debentures and a certain number of shares are available. Mr. A. Kent w’ill continue as managing director of the reformed company, and Mr. H. Kent will be one of the directors. It is reported that a certain amount of Southern capital lias become interested. G. Stewart Craig, Ltd., are the brokers. The increase of G. Kent and _ Sons, Ltd.’s business is shown by figures which reveal an output of 50,000 loaves a week on April 13, 1929, as against 23,700 in February, 1921. Last year s net profit was £8,437. , The debenture issue will bo of £35,000, with a similar nominal issue ®f shares which, however, will not all be available.