Tourism Holdings Limited/Johnston’s Coachlines to enter joint venture
Tourism Holdings Limited has agreed to joint venture its premium coach chartering business, Johnston’s Coachlines, retaining a one-third interest in the company.
The joint venture will trade under the name Johnston’s Coachlines Limited and is effective from the 1st August 2007.
The joint venture partner, Coach Investments Limited, is a group of investors with significant tourism industry experience together with substantial current involvement and experience in the operation and hire of commercial vehicles including tour coaches.
Johnston’s Coachlines will be managed by Mr Philip Manning, who has senior management experience in coaching and tourism businesses and he will also be an investor in the joint venture through Coach Investments.
The Chief Executive Officer of Tourism Holdings, Mr Trevor Hall, said the change would allow Johnston’s Coachlines to tighten its business focus while retaining strong ties with Tourism Holdings.
“The joint venture will have its own board and management structure to enable it to operate as a discrete business and all Johnston’s staff will transfer on the same terms and conditions.
THL will be represented on the board of Johnston’s.
After a transition period, THL will maintain an arms length relationship with Johnston’s for the benefit of both companies”.
THL will continue to own and operate its other coaching interests including Kiwi Experience, Airbus and Great Sights.
Mr Hall said the change would enable Tourism Holdings to release more than $11m of investment from the business.
“This recent opportunity is a positive development for all parties, enabling Johnston’s Coachlines to develop an independent strategy and focus while retaining the commercial benefits of a relationship with Tourism Holdings.”
The Chairman of Tourism Holdings Limited, Keith Smith, said the joint venturing of Johnston’s Coachlines announced separately today is driven by the specific circumstances of that business and should not be taken as part of any broader restructuring of THL.
Mr Smith said the Board of THL was currently examining a range of proposals that had arisen since the expiry of the takeover offer for the group by MFS Living & Leisure. “This includes expressions of interest in purchasing assets from THL, and also proposals that would see the group increase in size by purchasing or merging with other businesses.”
Mr Smith said the Board’s intention was to position the group for profitable growth in the markets best suited to its core competencies and capabilities, adding, “It is likely to take some weeks to work through the various proposals.” “Hence, while the Board will provide an update coinciding with the announcement of trading results on Tuesday, 28 August, shareholders should not anticipate that this process will be complete at that time.”
Report by The Mole
John Alwyn-Jones
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