A Bay of Islands business rescued from receivership 15 years ago has been sold for $22 million.
Fullers Bay of Islands has been sold by its owner, Marine Holdings Ltd (MHL), to one of New Zealand's major tourism companies, Tourism Holding Ltd (THL).
MHL bought the business in 1989 when it was
in receivership.
THL says all existing Fullers BOI staff will be retained under their current chief executive Kit Nixon when the sale is complete on December 1.
THL already owns some of New Zealand's leading tourism brands including Johnstons, Great Sights and Kiwi Experiences coaches, Maui and Britz rental vehicle businesses, Kelly Tarlton's Antarctic Encounter and Underwater World, Waitomo Glow Worm Caves, and Milford Sound Red Boats.
Mr Nixon said staff were told of the sale yesterday, and would soon meet THL bosses.
He said it would be "business as usual" after the sale, although he expected THL would help significantly boost visitor numbers to the region.
Fullers BOI, which won the NZ Tourism Awards supreme award in 2000, operates passenger ferries between Russell and Paihia, the Opua vehicle ferry, Cape Brett hole in the rock and cream trip cruises, dolphin adventures, the Excitor fast boat as well as coach tours to Cape Reinga via Ninety Mile Beach. The sale includes MHL's Awesome Adventures products.
MHL employs 110 people, has five passenger boats, three car ferries and five coaches. Excluding the car ferries, MHL takes about 120,000 passengers on boat and coach trips every year.
MHL executive director Chris Jacobs, who owns the business with partners Roger Dold and Peter Murphy, said he was very pleased with the sale.
"It's been a very large part of our lives, it wasn't a decision we took lightly ... It's been a fantastic time for us."
Marine Tourism Holdings (MTH) would now focus on developing its other businesses: South Sea Cruises in Fiji and Cruise Whitsundays in Australia, Mr Jacobs said.
THL managing director Dennis Pickup said Fullers BOI was a "great fit" with THL's existing operations.
THL will pay for Fullers BOI in two instalments - 8 million on settlement and $4 million on or about May 31, 2005.
