Dorchester Pacific has confirmed what had been long suggested – that it will take on the Turners name now it has acquired the auctions business.
Turners has now been delisted, but the name will return to the NZX when Dorchester renames itself on February 1 next year.
“It doesn’t make sense to maintain two listed companies, so we had a decision to make,” says Dorchester chief executive and director Paul Byrnes.
“Although proud of the achievements of Dorchester and its very successful turn-around, we also recognise the inherent value and goodwill in the Turners name, which has a lot of history and affection attached to it.”
Byrnes says the company had earlier undertaken focus group research which highlighted many positive values associated with the Turners brand, including words like trust, integrity, reputable, honest, well recognised, ‘Kiwiness’, championing the public, heritage and longevity.
“These values represent a positive brand platform on which to develop our group businesses,” he says.
Byrnes reiterated that, as has been the case with other acquisitions such as EC Credit, and Oxford Finance, the Turners Auctions business will continue to operate independently , but share some ‘back office’ functions.
The Dorchester brand will still remain an important banner for the group with Dorchester Finance continuing to grow in the motor vehicle and consumer lending market.
“We are excited about this next phase of our business growth and to welcome Turners Auctions and the great team of people attached to that business into our group,” Byrnes says
“As the new guardians of the Turners brand, we are very committed to making this successful and rewarding for all involved”.
