Iconic DTR Brand Bought Out by Senior Management

Media Release for Immediate Release

Iconic DTR Brand Bought Out by Senior Management

Auckland, 15 November 2006 – DTR announced today that the company was in new ownership following a management buy out (MBO) for an undisclosed sum by former New Zealand General Manager Mark Spring and former Thorn Asia-Pacific CEO Gordon Howlett.

DTR has been a familiar company to many New Zealand households and businesses in the TV and appliance rental market for 45 years when it was started in 1961 as Dominion Television Rentals by Aucklander Stan Pemberton. Since 1969 dtr has been owned by the UK’s Thorn plc Group (as Thorn Rentals NZ Limited).

Mark Spring, one of the new owners and Managing Director of DTR says that the MBO is just what the company needed to ensure a renewal of growth and investment into the iconic New Zealand brand.

“This MBO means that the company’s successful 45 year trading history will be continued with even more vigour keeping it a Kiwi household and business brand name for many years to come,” says Spring.

Spring says that both he and Howlett as the new owners have extensive senior management experience both with DTR and with other leading companies in New Zealand and Australia including Inchcape Office Products, Pitney Bowes Australia, Datamail Limited.

“Gordon has been the CEO of Radio Rentals in Australia and DTR in New Zealand for the last seven years and has extensive senior management experience with Avis, Qantas and leading companies including General Foods and Lifesavers so he’ll be an invaluable partner in the New Zealand business.”

Spring also says that while investment in DTR has been on hold for the past year during discussions around the sale process, there has been the successful refreshment of two stores in Henderson and Palmerston North.

“The refresh has seen the level of sales in-store jump by 56 percent across both Henderson and Palmerston North stores so we will now accelerate that programme with plans to upgrade the store and brand image in Whangarei, Gisborne, Tauranga, and Invercargill by the end of January 2007.”

Spring also says that with 26 stores nationwide DTR is well positioned in New Zealand with a robust range of competitive products and offerings for both the domestic and commercial rentals market.

“DTR has popular products including ‘easi-rent’, ‘easi-own’ and ‘easi-cash’ as well as an extensive commercial business focussing on the latest audio-visual equipment for business customers,” says Spring.

ENDS

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