THL finds a local buyer for Treble Cone skifield

Tourism Holdings has finalised the sale of its Treble Cone skifield to Treble Cone Investments, effective from December 20.

THL's managing director, Dennis Pickup, said he was pleased to be selling the field to a New Zealand buyer with a shareholding that included Wanaka-based investors.

"We are confident that under this ownership structure Treble Cone will serve the long-term interests of the New Zealand ski industry," he said.

Treble Cone Investments is owned by Tony Hannon, managing director of fund equity manager I-Cap Partners, and Dunedin businessman Nat Craig.

The pair have said that they intended to include a consortium of investors from Wanaka, Dunedin and Auckland in the skifield's ownership, and have also promised that they will invest in the further development of the area.

Pickup said the price for Treble Cone was commercially sensitive.

"But we have not, now that we've written Treble Cone down in the annual accounts, incurred a loss on it."

THL's annual result last week was hit by a $2 million writedown on unusual items, largely on Treble Cone.

In the previous financial year THL divested its 50 per cent stake in Milford Sound Flightseeing. In August it sold The Helicopter Line.

Negotiations were also under way over the sale of Mt Cook Ski Planes.

Pickup said no further asset sales were planned.

Treble Cone has been on the market for about three years.

In February THL chairman Keith Smith reaffirmed the company's intention to sell its interests in Treble Cone, which it acquired in the mid-1980s.

All permanent staff at Treble Cone will be employed by the new owners.

- NZPA