Blue Chip position for Creech

The big cheese has signed up with the little finance company.

Former National Party Deputy Prime Minister Wyatt Creech - a founder of dairy export company Open Country Cheese and Palliser Estate Vineyard- was yesterday named a director of Blue Chip NZ.

Blue Chip is an Auckland company with a market capitalisation of $67.6 million and provides structured apartment financing for private investors.

It listed on the main board of the stock exchange by backing into the shell of floundering IT company Newcall.

Founder, managing director and majority shareholder Mark Bryers said the company approached Creech to come aboard. He cited Creech's experience in accounting and Government issues and his work with Palliser and Open Country as attractions.

Creech could not be contacted yesterday. In a written statement, Creech said he liked to be involved with innovative and clever companies and Blue Chip had shown that it could turn its ideas into reality.

"I believe this is a company that is growing and really going places and I'm looking forward to being able to bring my business experience to assist the board."

News reports on Blue Chip since listing have focused on issues including previous managing director Nick Wever's exit after seven months in the job and a string of related party transactions.

Bryers took over as managing director despite Wever's previous statement that Bryers - previously a failed apartment developer - would be a consultant "from time to time".

Deals for Blue Chip to buy three businesses linked to Bryers - Tasman Insurance Brokers, Tasman Mortgage Brokers and Tasman Mortgages - will go a special meeting of shareholders next year.

Besides Bryers, Creech's fellow directors on Blue Chip are Jock Irvine, Jim Bracknell, John Lowther and David Stubbs.

Open Country's $25 million Waikato cheese factory began processing on October 1, with ambitions of annual sales of $85 million. News reports say the company will soon build a $15 million whey plant.