New corporate for Cullen investment stable

By Phil Boeyen, ShareChat Business News Editor

Friday 23rd November 2001

A new company has been launched to consolidate the finance and investment assets of Eric Watson's firm, Cullen Investments, with those of his business associate Mark Hotchin.

The new finance and investment company, to be known as the Hanover Group, is laying claim to being the biggest privately owned finance company in New Zealand with assets of $650 million, annual revenue of more than $200 million and 600 employees.

The group includes such well-known New Zealand companies as Elders Finance, Nationwide Finance, Leasing Solutions, Elders Home Loans, Hanover Securities, and strategic investments Cogent Communications and UBix.

Hanover CEO, Kerry Finnigan, says the company plans pursue a more diversified approach to investment, minimising risk and capitalising on a broad range of finance opportunities throughout the country.

"The group subsidiaries are all strong performers in their own right and will remain focused on their core business strategies.

"By consolidating under a group structure we are now a much stronger proposition, offering a more diversified asset base and the benefit that brings to our investors."

Mr Finnigan says the group provides finance to a broad range of businesses and industries, including agriculture, forestry, tourism, health, retail, property development, plant and equipment, office technology and telecommunications.

"The establishment of Hanover Group will give investors even more confidence in the individual members of this group and provide an even broader range of business opportunities."

Mr Finnigan, says existing synergies, particularly in supply chain, and several strong finance distribution channels within the group presented further compelling reasons to formalise a group structure.

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