Successful bid to find investors ensures 85 jobs stay secure
A bid to find investors for Hansells Masterton to ensure the food manufacturing business remains in the town has succeeded.
Accountant Alan Stewart, who will become the company's executive chairman, said yesterday the finances were now in place and the business settlement will be transacted next week.
The deal ensuresthe Hansells factory will stay in Masterton as opposed to perhaps moving north, with 85 jobs remaining secure.
Under the new arrangement Hansells Food Group which has its head office in Auckland will retain a quarter share in Hansells Masterton, a further quarter share will be held by an undisclosed Australian shareholder and the remaining 50 per cent is made up of local investors including Mr Stewart.
The formation of the new structure became possible when the Auckland-based Hansells split up and agreed to hive off the Masterton operation.
Mr Stewart said the Masterton business was very sound and would remain so, particularly with the likelihood of taking on further work for new customers.
As executive chairman he plans to remain in his accountancy business but would be devoting a day a week to Hansells Masterton.
Mr Stewart said it would be business as usual as far as manufacturing the brands the factory is known for.
Hansells was formed in 1934 in Masterton in a joint venture between a chemist named Hansen and LB Maunsell and took its name from an amalgam of the two surnames.
