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Pero sells control in business

Mike Pero sells a majority stake of his mortgage broking business to a fellow Christchurch-based businessman.

Wednesday, March 10th 2004, 3:49PM
Mike Pero has sold a majority stake in Mike Pero Mortgages to George Gould (pictured).

Pero says the sale of the stake will help take the firm to a "higher level" and that he and Gould Holdings will each retain long-term shareholdings in the company.

Gould is chairman and through Gould Holdings, a major investor in two listed companies, Designer Textiles Limited and Vertex Group Holdings Limited.

Gould says that it will be business as usual under the new ownership structure. No staff positions are affected, nor are franchise arrangements or arrangements with the banks that the company services.

Pero says that the business, which he acquired full control of last year, was not on the market and the deal only evolved when Gould and Pero were introduced by Ernst & Young. A deal was settled last Friday with franchise holders in Auckland, Wellington and Christchurch being advised of the changed ownership structure at meetings today.

While it was only late last year that Mike Pero took 100% ownership from South Canterbury Finance Limited, he is the first to admit that "you never know what tomorrow will bring ­ this opportunity was too good to turn away and with a track record like George's we expect to realise our objectives far sooner."

"We think it will sit very well in the public arena giving all customers, franchise owners and staff the opportunity to participate in the company's future progress."

Gould and Gould Holdings chief financial officer Kevin Arscott, have joined the board of Mike Pero Mortgages which also includes existing directors, Mike Pero and Humphry Rolleston. A new chief executive will be appointed.

Mike Pero has also entered a long-term sales and marketing contract with Mike Pero Mortgages, with the aim being for the company to continue to build its public profile and brand. "The business is very dear to me and I want to see it continue to succeed in the future. The new structure will allow me to focus on my favourite part of the business, which is marketing, and not get bogged down with general company management," Pero said.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 ▼4.14 ▲4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.39 ▲3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 15 November 2019 4:16pm

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