Turners buys Southern Finance for $5 mln in South Island push

Wed, 29 Jul 2015

By Suze Metherell July 30 (BusinessDesk) - Turners, formerly known as Dorchester Pacific, has bought Southern Finance for $5 million, giving the finance company greater exposure in the South Island as it continues to expand its loan book. The acquisition adds assets valued at $3.3 million and $1.7 million in goodwill, and is expected to immediately boost annual earnings before interest and tax by $750,000, growing to more than $1 million after the first year, Auckland-based Turners said in a statement. Christchurch-based Southern Finance...

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