The Company
Applies to: all NLG team
Company History
Noel Leeming Group History
In September 1996 New Zealand's two largest appliance retailers, Bond and Bond and Noel Leeming, merged and Pacific Retail Group was formed. At this point Pacific Retail Group became the largest appliance retailer in New Zealand with approximately 90 branches nationwide.
At the time of the merger Murray International (based in Scotland) owned approximately 37% of the shareholding and purchased a further 21% to increase their shareholding to 58%.
In 1999 Murray International sold their shareholding in Pacific Retail Group to Eric Watson.
In April 2003 PRG formed Pacific Retail Limited (PRL) as a wholly owned subsidiary to incorporate its retail businesses.
In August 2004 Pacific Retail Group (who also owned Pacific Retail Finance, Living & Giving, Bendon, Pacific Retail Property and PRG Powerhouse) sold PRL (excluding Living & Giving) to Gresham Private Equity.
Gresham Private Equity renamed PRL, Noel Leeming Group Limited on completion of the sale process.
Gresham Private Equity
Gresham Private Equity was established in 1999 and is a specialist in management buyouts and targets investment opportunities in Australia and New Zealand. NLG was owned by Gresham Private Equity
Brands History
Bond and Bond History
Bond and Bond was founded in 1875 at Silverdale (just north of Auckland) by Enoch Bond for his three sons Enoch, Enos and Elon. The business was set up as gum buyers, but as the diggers were more interested in supplies for payment, the business developed into a general store. They operated like this until the move to Auckland in 1894. At this time, the name was changed to Bond and Bell when the founder’s son-in-law joined the business. In 1918 the name reverted to Bond and Bond when Bell retired.
Bond and Bond opened their first Home Appliance branch in the Dilworth Building on Queen Street, Auckland and then a second branch in Hamilton in 1936.
The Frigidaire franchise was acquired from General Motors in 1938 and in the same year, Fisher and Paykel granted the company a licence to sell washing machines.
Competition in the grocery market, particularly Choysa Tea, was intense and when one competitor dropped his price by a shilling a pound, Elon Bond matched the price on the same day. Other brands were forced to follow and overall many thousands of pounds were lost, but the trade learned that Bonds would always meet competition, no matter what.
In 1960, discussions with IBM took place and an IBM 1440 was installed into the Bond & Bond business, the first in the commercial world in New Zealand. It was initially used for stock control, ordering and invoicing.
In 1973 Bond & Bond merged with L D Nathan and Company. At the date of the merger turnover exceeded 75 million dollars. Bond & Bond continued as operators of home appliance stores.
After 20 years L D Nathan sold Bond & Bond to the partnership of Eric Faesenklote and Rodger Sutherland who set up their Support Office above the store in Birkenhead. The partnership then merged with Impulse Electronics which was owned by Murray International.
Murray International moved to gain control of Bond & Bond acquiring first 75% then 100% of the company in 1993.
Noel Leeming History
Noel Leeming Television was founded by Mr Noel Leeming in early 1973 which initially only involved the servicing of televisions and other home appliances. The first retail shop opened in Christchurch’s Barrington Park Mall in December 1973.
With a very strong emphasis on service, Noel Leeming Television forged ahead in the South Island and expanded into various shopping malls and strip shopping centres. It rapidly gained recognition as the market leader in the South Island for retailing and servicing home appliances.
In 1983 Mr Noel Leeming sold an eighty percent shareholding to Smith City Market Ltd whilst at the time retaining management autonomy of Noel Leeming Television Ltd.
Expansion into the North Island commenced in 1986 with a store in Auckland. Between 1986 and 1993 Noel Leeming expanded its presence into most major North Island cities.
In November 1988 a new 32,000 square foot complex was purpose-built at Montreal Street in Christchurch, incorporating the company’s support office. The site also housed a 3,000 square foot show room and the company’s main bulk store.
The Smith City Group was placed into receivership on 1st May 1991, at which time the company’s assets were acquired from the Smith City Receivers by Sir Roger Bhatnager, Diane Bhatnager and Greg Lancaster. The company continued to trade under the Noel Leeming name.
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