Halkett's PowerHouse regret

Peter Halkett says he might have done things differently at PowerHouse but feels he did as well as anyone could have done. Picture / Dean Purcell

Peter Halkett says hiring the wrong people on his arrival in the UK was his biggest mistake at electrical goods chain PowerHouse.

Halkett, who last week stepped down from his role spearheading Pacific Retail's British investment, said he did as good a job as anyone could have under tough circumstances.

The Eric Watson-controlled Pacific Retail sank $47 million into the purchase of 134 of the collapsed retailer's stores in September 2003. But the chain has soaked up funds, and in January PowerHouse missed a key break-even target after disappointing Christmas sales. Halkett is handing over to his British lieutenant, Chris Onslow.

"From day one the first task was to build a management team. There was me and 2000 people and 130 stores. Me and 2000 strangers," said Halkett.

"I was really trying to do everything and it was just not possible. I needed to get people on board quickly and I went looking for the best people who could start immediately."

Some, however, weren't quite right.

"I would have to go back again and try to get others. I should have said I would get someone from a consultancy for three or six months, so by April or May we would have had our team.

"Instead, it took until October or November."

PowerHouse was a mass of problems - any number of which could have turned into a landmine. "We did underestimate it," he said.

The damage done to customers, suppliers and staff by the receivership was enormous. Losses became greater than anticipated.

"I am happy with my performance. I'm not happy with the outcome ... but I can't imagine giving the role any more than I did," he said.

His move had been planned since late last year, but came as a surprise to many investors. And when Halkett leaves in mid-May, he will still be about four months shy of the two years that he originally told the Pacific Retail board he would stay.

"It was never really about time, it was about reaching a state at which I could leave the business ... ultimately I made a commitment to the board to get the business to a stable platform."

He planned to travel for three to six months with his family, and is aware that offers a different impression than going to a bigger, better role. "This is just me doing what I think is right," he said.

The most likely scenario is that he will end up back in New Zealand.

But he is proud of what he achieved in the UK.

"I might do some things differently, but I don't have any regrets," he said.