By STACEY BODGER
MT RUAPEHU - The owner of Mt Ruapehu's Whakapapa skifield will own both of the North Island's resorts from the end of the ski season, after buying its on-mountain rival from the receiver.
Ruapehu Alpine Lifts announced yesterday that it had bought Turoa Ski Resort from receiver PricewaterhouseCoopers and
would operate both fields jointly from November 1, subject to Commerce Commission approval.
The ANZ Bank put privately owned Turoa into receivership in March because of financial difficulties caused by two years of poor snowfall and Mt Ruapehu eruptions. The company was estimated to owe more than $7 million.
But things are looking up for Turoa, which is tomorrow set for its earliest season opening in four years, with an upper-mountain snow base of around 70cm.
Receiver Gary Traveller would not say how many bidders the sale attracted or the sale price, but he did confirm that there had been interest from France, Austria and Australia.
The general manager of Ruapehu Alpine Lifts, Dave Mazey, said it was too early to say whether Turoa staff would be retained, or if prices on either field would change.
The acquisition was "superb news" for skiers and the Ruapehu district as his company had operated Whakapapa for nearly 50 years.
"This is one hell of a chance to market both skifields as a joint destination - domestically and internationally - and will give us a much stronger company and economic base."
He said the company already had plans for developments at Turoa.
It expected to lodge an authorisation appeal to the Commerce Commission next month and have a decision by November.
The Commerce Act prohibits business acquisitions that result in market dominance, but the commission can authorise such a deal if it believes public benefits would outweigh any detriment.
Ohakune 2000 business and community spokesman Dave Scott said the district was "gleeful" at the purchase and would support Ruapehu Alpine Lifts' appeal.
"RAL is a very proficient, community-minded company and we're ecstatic Turoa is going to be locally owned by people prepared to put money back into their ventures.
"Our feeling is that with joint ownership, we will have a stronger case in bringing people to Ruapehu."
Herald Online Travel
