Warehouse buys unprofitable Noel Leeming chain from Gresham for $65M

Sun, 09 Dec 2012

By Paul McBeth Dec 10 (BusinessDesk) - Warehouse Group, the country's biggest listed retailer, bought consumer electronics and appliance chain Noel Leeming Group for $65 million from Gresham Private Equity. The Auckland-based retailer's acquisition will be completed today and is expected to add to the company's earnings immediately, contributing between $4 million to $6 million to earnings before interest and tax in the six months ended Jan. 27, 2013, it said in a statement. The 92 Noel Leeming stores will be operated as a separate trading d...

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