By Phil Boeyen, ShareChat Business News Editor
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Tuesday 12th February 2002 |
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FPA advised the market of its intention to sell down its holding last year. The stake has been sold to the managing director of Hill & Stewart, Nigel Merrit.
Fisher & Paykel took a $5.5 million charge against the investment in its end of year accounts last year before it separated the healthcare and appliance businesses. FPA says no significant or material further costs have been incurred.
"The investment in retailers is not part of Fisher & Paykel Appliances' core business and the decision to dispose of the shareholding is consistent with the policy of maintaining independent ownership and management of retailers," the company says.
Hill & Stewart will continue to distribute the full range of F&P whiteware appliances and use the merchant retail consumer credit services provide by F&P Finance.
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