Paper Plus ran ruler over Whitcoulls, got very close with $35M funding arranged

Tue, 11 Sep 2012

By Jonathan Underhill Sept. 12 (BusinessDesk) - Paper Plus New Zealand, the cooperative franchisor of the Paper Plus, Take Note and Office Spot book and stationery stores, got “very close” to acquiring the Whitcoulls business from administrators last year though it was pipped by NBR Rich Listers Anne and David Norman. The Auckland-based group’s 2012 financial statements show it recognised a one-time cost of $254,000 for “professional fees for due diligence on Whitcoulls.” The company recorded an operating profit of $326,000 in the 12 months e...

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