Outlook bright for sunglass company

A Wellington company which started life in a suburban Ngaio garage is looking at a New Zealand Stock Exchange listing and an assault on the Australian market after a stellar year.

The Sunglass Store's co-founder, Regan Wood, says the business is fast outgrowing the New Zealand market and within two years could launch across the Tasman and list here.

It has been ranked by the Deloitte/Unlimited Fast 50 index as the 27th fastest growing company in New Zealand, with revenue up 94 per cent in the past three years.

Mr Wood said the immediate aim was to enlarge from 16 stores nationally to 25. The chain will open two new stores in Auckland next year and has plans for another seven.

Mr Wood said the company had increased turnover this year by more than 20 per cent.

Co-owner Angus Donald, a Queenslander, said listing was an attractive option that would raise important capital.

Despite its strong cashflows, a lack of secured assets meant the business had been rebuffed by leading banks five times in the past two years, he said.

"Maybe within two years [we could list]. We've certainly given it some thought, but right now we're not that keen on divesting in equity," Mr Donald said.

The company has sold 300,000 pairs of sunglasses since opening its first store in Willis St, Wellington, in November 1996.

Its head office for its first six months was a Ngaio garage across the road from Mr Wood's flat. He has only just moved the office into the central city.

- NZPA