Bartercard NZ gains new owner

By SIMON HENDERY

Trade exchange business Bartercard NZ has a new majority owner, businessman Tony Falkenstein buying a 90 per cent stake from its Australian founders.

Bartercard NZ has 5000 member businesses which exchanged $158 million of business in the past year a figure Mr Falkenstein says should increase to $200 million this year.

The company employs about 140 staff and was set up in New Zealand by its Queensland founders, Bartercard International, in 1993.

Mr Falkenstein's business interests include executive chairmanship of water cooler supply company Just Water. Just Water's parent company, Red Eagle Group, has annual sales of about $12 million.

Mr Falkenstein said he did not intend to merge Red Eagle and Bartercard.

He saw good opportunities to expand Bartercard's operation. "There are 200,000-odd businesses in New Zealand. [Bartercard] has got 5000 of them - it's just a matter of growing that number."

Mr Falkenstein said he would take over as chairman of the company, while managing director Roy Netzer would continue in that role.

Bartercard member businesses use the company's directories and a computerised brokerage service to trade services with other members.

Bartercard operates in 11 countries including the US, UK, Canada and Malaysia. Bartercard International, which abandoned plans for a $A20 million public float in July last year, will retain 10 per cent of Bartercard NZ.