THL
19/03/2015 16:38
ASSET
NOT PRICE SENSITIVE
REL: 1638 HRS Tourism Holdings Limited
ASSET: THL: THL takes 49% stake in UK motorhome operator
19 March 2015
TOURISM HOLDINGS LIMITED (thl)
NZX/MEDIA RELEASE
thl takes 49% stake in UK motorhome operator
thl today announced the purchase of 49% of the United Kingdom based Just Go
motorhome rentals and sales business.
The business has been developed by Nick and Sarah Roach who remain 51%
shareholders and operators of the business. The purchase price has not been
disclosed and is not considered a material figure in relation to the thl
balance sheet. The business currently operates 130 motorhomes at peak season.
thl Chief Executive Grant Webster said: "Just Go has a similar model and
return on capital as our successful Road Bear RV business in the USA. There
are good synergies with thl and we are positive about the growth
opportunities.
The business model is very flexible, with the fleet rented for less than 18
months before it is sold. We also see a good opportunity to bring some of
the Just Go vehicles to New Zealand to extend our range for sale. Whilst the
business is small in fleet size for thl today, the model fits well and
provides a base for growth in European markets. Daniel Schneider, who was the
founder and operator of Road Bear, will become a director of Just Go."
Just Go Managing Director Nick Roach said: "This is a good time to bring on
board a partner with the capability and systems to assist us in our growth
aspirations. As a Kiwi living in the UK, I am also pleased we have a good
cultural and strategy alignment. It's going to be a great year for Just Go -
we have new expanded premises, the Rugby World Cup and a growing UK tourist
market."
The transaction economic effect is from March 1st 2015. thl will account for
the entity as an investment on an equity accounting basis.
END
Authorised by:
Grant Webster
Chief Executive Officer
Tourism Holdings Limited
Direct Dial: +64 9 336 4255
Mobile: +64 21 449 210
End CA:00262076 For:THL Type:ASSET Time:2015-03-19 16:38:09
