Pero takes a quarter share in Origin

By CHRIS DANIEL, aviation writer

Mike Pero, mortgage broking millionaire and charismatic marketer, is now 25 per cent owner of Nelson airline Origin Pacific.

Pero, a former pilot, has put new money into Origin, which last month was forced to lay off 93 staff and cut back services.

Some creditors were also left out of pocket, but the airline kept flying after it reached an arrangement with them.

A group of Wellington investors have also injected equity capital into the company.

Pero, who will not say how much money he has invested in Origin, said yesterday that he would not be a passive investor, but hoped to "play a leading role in the development and marketing" of the airline.

He wanted to strengthen the Origin brand, but would not go head-on with Air New Zealand. There was room for both airlines in the country.

"Where they zig, we'll zag."

Airline founder Robert Inglis and his interests retain a 50 per cent ownership of the airline. Pero had once worked for him at Air Nelson.

Pero, who last month sold 90 per cent of his mortgage broking company to Christchurch businessman George Gould for $13.5 million, said the venture into Origin Pacific was not connected with his move earlier this year to register a company named Pacific Express Airlines.

He told the Herald in April that he had seen "some opportunities in the Pacific, and I haven't taken it too much further at this stage".

"I just thought I'd grab a company name while one was available. We may do something down the line."