Scoop has an Ethical Paywall
Stonewood Group lines up Arrow Business
Stonewood Group director and co-owner Michael Chow said he is unconcerned over Arrow International’s Voluntary Administration and in fact might look at acquiring the troubled business. “We have the capital and staffing requirements to step in immediately and complete our hotel project and we will be meeting with all subcontractors today and tomorrow to reassure them of that. And my brother John has already contacted the VA about our interest in all Arrow projects”.
“We have a project team in place already commencing our Vivian Street hotel project in Wellington and our Courtenay Place Hotel is 70% complete so we can reposition staff within a day and carry on unaffected.” said Michael Chow. Arrow was the lead contractor on the project to turn the Chow-owned CMC Building into a four star Oaks-branded hotel.
Earlier this month the Stonewood Group purchased the national HVAC installation and servicing business RCR Infrastructure out of Voluntary Administration. “We are in expansion mode and with more hotel builds in our pipeline we could well be interested in adding a construction company to our portfolio” says Chow.
Stonewood Group is the umbrella organisation for Brothers John and Michael Chow, who have interests in the home building, commercial property, hotel and entertainment sectors.
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