Timezone Group moves to full ownership of the Timezone business in New Zealand
Timezone Group has completed the acquisition of the remaining majority stake in the Timezone business in New Zealand (operated by Coin Cascade Limited) from Gary Walker, Stuart and Mark Jones with effect from 1 January 2018. Gary Walker and the existing management team will remain in place to continue to operate and grow the business.
Scott Blume, Managing Director of Timezone Group commented, “Gary and his team have built an outstanding business and we are very excited to move from a minority equity position to 100% ownership and at the same time continue to work with the existing management team. This transaction builds upon other recent strategic announcements including our acquisition of the Ardent Leisure business. We believe that there are significant opportunities for growth in the NZ market and this transaction will ensure that the NZ business has the capital to take advantage of these opportunities. We will also continue to look for other bolt on acquisitions in APAC that complement our growth and capital return strategies.”
Gary Walker, the founder of Timezone New Zealand commented, “our sale of the majority equity position in Timezone New Zealand is a natural progression for both myself, Stuart and Mark Jones as we exit ownership of the business after an eventful 35 years. We know and respect the Timezone Group leadership team and there is also a close cultural fit between both organisations. The New Zealand Team is looking forward to the next chapter in our history as we take advantage of the increasing number of opportunities to grow our existing business and rapidly expand the number of new stores.”