Investors buy alpine car and tyre testing ground

Christchurch businessman George Gould went a little further than most with his Christmas shopping.

In a deal clinched on Christmas Eve, a consortium of investors he heads bought the Waiorau Snow Farm's vehicle-proving ground.

The site, in the Pisa mountains between Wanaka and Queenstown, provides testing services in alpine conditions to most of the world's car and tyre manufacturers.

"It's the biggest thing Gould Holdings has done," Gould said yesterday.

"It was tense stuff, but we got there. We still have a couple of due diligence things, but essentially the contract's finalised."

He did not disclose the cost of the purchase.

"The proving ground is important within the global vehicle and tyre industries and this is an important acquisition for us," he said. "We look forward to taking this business to a higher level over the years."

Final details should be wrapped up in the next two months. The deal will not affect the proving ground's clients, staff or contractors.

The Christchurch consortium doing the buying is Southern Hemisphere Proving Ground - 70 per cent owned by Gould's investment group, Gould Holdings. The balance is held by snow industry specialist Tom Elworthy, lawyer Michael Sleigh and chartered accountant Tim Allan, all from Christchurch and each of whom are directors.

Waiorau is the only proving ground of its kind in the Southern Hemisphere and runs almost exclusively as an export business.

Principal Waiorau shareholder John Lee said he was pleased to be selling to a local group of investors with a good range of skills and experience that would ensure the business would be further enhanced.

The Lee family will keep operating the Snow Park and Snow Farm Cross Country ski area.