ASB ends jokes with sale

By PAUL PANCKHURST

That's the end of the cruel jokes about the ASB Bank.

Thirty-two days after announcing the purchase of 80 per cent of the BBQ Factory, the bank yesterday flicked the stake on to a listed investment company, Hellaby Holdings.

The ASB ended up holding the barbie after underwriting a failed share float by StoreFund, a wannabe investment company.

The BBQ Factory is a barbecue and spa pool retailer - leading to some cruel and predictable quips such as the one about "ASB" standing for Auckland Spa and Barbecue.

Valued at $21.1 million in the share offer, the chain would have been StoreFund's first investment.

ASB institutional banking head Peter Hall said: "I think it's a very, very good outcome for BBQ Factory itself.

"They've got a stable long-term owner who can invest in the long-term growth of the business."

Bank management was stung by some media comments after StoreFund failed to list on July 1.

Managing director Hugh Burrett later conceded it was "somewhat unusual" for the bank to own a retail business. But pressing on with the $30 million float had been "untenable".

ASB Bank was lead manager of the offer, ASB Securities the organising broker.