It’s New Zealand’s most popular, prominent home improvement and garden retailer, a vast and deeply embedded national network expanding fast, demolishing smaller stores for larger ones and moving into new areas to beat Bunnings, which landed here in 2001. But who owns the 85 New Zealand Mitre 10 stores? Property
Power List: Who owns Mitre 10, our biggest garden, DIY and hardware chain?
The new Silverdale store, with staff pictured all ready to go when it opened in August this year.
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However, the information is publicly available, albeit hard to find. What’s more difficult is establishing how much money the big Mega stores make.
While most undoubtedly are profitable for their owner-operators, no one will shed any light on the actual financial figures for individual stores.
What we do know is some of the bigger Mitre 10 stores employ more staff than even the biggest Pak’nSave supermarkets - those money-making machines that can generate more than $200 million in revenue a year and net their owners more than $10m annually.
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Mitre 10 owner-operators may not be quite in the same league as the large supermarkets, but they have carried the chain into our hearts and wallets.
The structure of this shy giant is a quietly brilliant story of co-operative power.
Mitre 10 in this country was established in June 1974, so is about to celebrate half a century of success next winter.
When the Herald earlier this month reported on the state of the parent company’s accounts and its loss, due mainly to an IT overhaul and update, some readers were shocked by the deficit.
The parent company recorded a $67m loss, down on the previous year’s $1.8m profit, primarily due to one-off expenses from a major technology upgrade.
However, others gave insights into how the co-operative works.
“M10 corporate doesn’t run the local M10 store. They supply the items stocked by the stores. They have huge overheads with staff and executives, but no direct influence over what the stores choose to stock from their catalogue, and the margins applied are fixed. M10 head office profit is generated by a percentage of sales on the items supplied to the locally owned M10 stores.”
The IT system would be critical to supporting stock management for supplying the stores and managing accounting and reporting functions, the insider said in the Herald comment section beneath the November 1 story.
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“As with any downturn, [it’s] a good time to reflect on business operations, invest in tech, stocks and even look at expanding while competitors struggle. Sometimes going in the red pays off later,” the insider said.
Other Herald readers revealed their love for Mitre 10 over its Aussie-owned rival: “I went to a Bunnings when they first arrived on these shores. The service was deplorable, so seriously bad that I have never been back. I find the service at M10 excellent. I’m happy to pay a dollar or three more for proper service and [the knowledge] that if I have an issue, I will be dealt with equitably and efficiently,” wrote Herald reader Glenn.
Leon wrote: “I find the staff at the four M10 stores I have used recently have been far better trained and happier to assist than the Oz branded stores, where it’s difficult to get meaningful assistance.”
All up, commentators expressed great fondness for their Mitre 10 stores, and a real love for their local orange and black colours.
That made us think about writing more.
Here’s the result.
Mitre 10 co-operative member shareholders
Businesses which own shares in Mitre 10 (New Zealand) have varying names which give few clues about their connections to the retail giant.
But Companies Office records show the parent company has an extensive shareholder list, so it is legally bound to name all the owners. That also means it must file its full accounts under the document tab, which is how we know about the parent’s finances.
Here are the names of shareholders, based on that company’s own data, as supplied to the Crown entity. We cross-matched shareholding companies with Covid cash and company shareholdings to give employee numbers, indicating the size of each company, its location and who owns it, then used other sources to supplement findings.
All up, 9.4m shares are on issue, with the biggest owner the powerful Riviera Hardware Holdings, which owns many Mitre 10s, all located in fast-growing Auckland.
One retail expert said this list gives the clearest indication yet of who holds power at Mitre 10.
“I’d suggest that the biggest owner-operators are the largest shareholders and [they] hold sway on the board,” the consultant told us.
But he also acknowledges the difficulty of compiling a list like this.
“When you come up against a co-operative in New Zealand like Mitre 10, Foodstuffs or Fonterra, you run into a brick wall.”
In the list below, some businesses have their own websites which give histories, backgrounds and detail how they came to be so successful.
Let’s start with the Top 10
These 67 companies own shares in parent Mitre 10 (New Zealand)
1. Riviera Hardware Holdings
Owns 546,300 shares or 5.76 per cent of Mitre 10 (New Zealand), 373 employees declared for an initial $2.3m Covid cash in 2020, although the wider group reports 700 staff.
Trading name: Mitre 10 Mega Albany.
Owners: 81 per cent owned by Hamish Caithness and Sandra Cameron of Mosgiel with Dunedin’s Polson Higgs Nominees (2014), and Cameron (known as Cam) Caithness and Celia Franco of Dairy Flat and GCA Legal Trustee. Cam Caithness is Riviera’s managing director.
Stores: Mitre 10 Mega Albany, Mitre 10 Mega New Lynn, Mitre 10 Mega Warkworth, Mitre 10 Whangaparāoa and the new $30m Mitre 10 Mega Silverdale, only opened in August.
This group running those five thriving modern stores also includes Riviera Prenail, a frame and truss manufacturing plant. It also has five Columbus Coffee cafes, Riviera Imports and the Riviera Distribution Centre.
“Established in 2017, and based in West Auckland, Riviera Prenail brings together an experienced team to provide you with excellent service and quality frames and trusses. We are agile, offering fast turn-around times and orders delivered on time and to spec. Our aim is to combine good people with reliable product you can count on,” Riveria Prenail’s website says.
“Riviera Prenail is a subsidiary company of Riviera Hardware Holdings, which owns and operates Mitre 10 Mega Albany, Mitre 10 Mega New Lynn, Mitre 10 Mega Warkworth and Mitre 10 Whangaparāoa.”
This is one of New Zealand’s fastest-growing independent retail operations, with stores in key areas of Auckland.
Riviera Hardware says: “The company employs over 700 team members and is one of New Zealand’s fastest-growing independent retail operations.”
A month ago, Riviera congratulated Mitre 10 Mega New Lynn “as they celebrate their 10th birthday of our superstore in West Auckland. Great to see the team having some fun with it, getting glam in orange to celebrate the day”.
Cam Caithness described the new Silverdale store as “magnificent” and welcomed the Herald’s coverage of its opening.
2. Smiths Hardware (previously known as Upper Riccarton Hardware) of Christchurch
Owns 378,184 shares, 3.99 per cent, 429 employees for Covid cash, 2020.
Shareholders: Brent, Murray and Andrew Smith and Clair O’Neill, all of Christchurch.
Stores: Mitre 10 Mega Hornby, Mitre 10 Mega Papanui, Mitre 10 Beckenham.
The business says it’s been a part of Christchurch for more than 50 years: “It all began in 1964 with a hardware shop on Waimairi Rd owned by Reg Smith, [which is] still owned and operated by the family, Smiths Hardware has now grown to its current size, with two of the country’s biggest Mitre 10 Mega home improvement stores in Hornby and Papanui both stocking over 54,000 different products and a large Mitre 10 situated in Beckenham.”
The company now employs over 350 team members across its three stores.
The Smiths said Mitre 10 had always had a dedicated trade offer but since the Christchurch earthquakes, it substantially grew its trade and building supplies business.
“We have specialist teams in each branch, including ex-builders, plumbers and handymen to assist with your requirements. From foundation to fence line, Mitre 10 Mega has it all,” the business says.
In 2016, Murray and Andrew Smith opened Mitre 10 Mega on Papanui’s ex-Marmite Sanitarium site. Murray Smith said they looked at 13 other options for a new store in the area over 13 years. Eventually, they bought the Sanitarium block and the old Firestone factory next door.
3. Nees Hardware & Building Supplies of Petone
Owns 376,025 shares or 3.97 per cent.
Shareholders: Cliff Lockyer of Lower Hutt and Martyn Lockyer of Wellington.
Spring cleaning from this Mitre 10 Capital conglomerate isn’t just supplying equipment: “We’re tidying up on Facebook and merging together our Porirua, Upper Hutt and Petone pages into one Mega Wellington page for all three,” the business said on November 3.
Upper Hutt City Library Heritage Collections says: “Nees had bought the Hall & Barry Whakatiki Street Home Centre and opened a Mitre 10 branch there on October 12, 1996, or at least that’s when the celebrations were held.” It showed a rare photo of Martyn Lockyer with manager Gary Bevan.
Intellium Technology cited this business as a case study, and noting that of the three stores, Petone hosts the retail management and core infrastructure.
“Building long-lasting and trusting relationships with suppliers is key to business success for the chief executive officer at Nees Hardware & Building Supplies, Cliff Lockyer. His company’s relationship with the founders of IT support provider Intellium Technology is testament to the importance his family-run business puts into finding the right partners,” Intellium explained in a rare insight into the success of this group.
When Covid broke out in 2020, this company declared 394 employees for an initial $2.5m.
4. Juted Holdings of Tauranga
Owns 353,141 shares or 3.72 per cent, 335 employees in 2020 for an initial $2.2m Covid cash.
Shareholders are Bold Independent Trustee and HTT Independent Trustee. Little information on either is available when searched, effectively obscuring ownership.
But a director, Greg Bold of Pyes Pā, Tauranga provided more details on his LinkedIn profile, citing the Tauranga and Rotorua Mitre 10 Mega, Waihī Mitre 10 and Waihī Frame and Truss.
Tauranga’s Greg and Nicola Bold, David Cooke of Welcome Bay, Katrina Hulsebosch of Tauranga and Nigel Lowe of Omanawa are directors.
The Bold family also run an annual golf tournament at the Fairview Katikati golf course as a fundraiser for the charity.
5. W. H. Collins & Co. of Ashburton
Owns 345,971 shares or 3.65 per cent.
Shareholders: Christopher Carswell of Christchurch, Lye Matthew of Ashburton, Richard and Jill Lye of Christchurch and Duncan Lye of Ashburton.
Mitre 10 Mega stores in Timaru, Ashburton and Ōamaru.
Received $1.6m of Covid cash for 251 employees, giving an indication of the southern giant’s power on the Mainland.
William Henry Collins opened the original W. H. Collins and Co store in Ashburton in 1889, according to a Stuff article published on August 10 about Mitre 10′s expansion in Timaru, which also cited the business as owner/operator of Mitre 10 Mega stores in Timaru, Ashburton and Ōamaru.
6. Grove Hardware of Auckland
Owns 342,967 shares or 3.62 per cent.
Owned by David Grove of Epsom and ADW Grove Trustee.
This business owned three Auckland Mitre 10 stores, but one closed a few weeks ago.
“Grove Hardware Limited has been in the hardware industry since 1930, opening its first Mitre 10 stores in 1977,” it said on LinkedIn. It operates the Mitre 10 Mega stores in Glenfield, Onehunga and Browns Bay, it said. However, the smaller-format Browns Bay store shut on September 29, drawing disappointment from locals.
“We are very thankful to have served the Browns Bay community for many years and grateful for the support of our loyal and valued customers. It has been a great privilege to serve you all, and we hope to see you at our other Grove Mitre 10 stores – Mitre 10 Mega Glenfield and Mitre 10 Onehunga,” the business said on social media.
The company received $1.3m of initial Covid cash in 2020 for 214 employees, then a further $654,000 when it employed 202 staff. David Grove’s son Chris also works for the business, so it now spans two generations. Asked to talk about the business and his success, David Grove said he would politely decline.
7. Scott & Ricketts of Hastings (previously known as Scott’s Paint Shop)
Owns 252,865 shares or 2.67 per cent.
Originally incorporated in 1961 as Scott’s Paint Shop.
Owned by Napier’s Ricketts family - Graeme and Fiona, Audrey, Stephen and Gail Ricketts - and various related family trusts.
“The story began in Taradale when Derek and Audrey Ricketts joined Bert Scott, who ran a small paint and glazing shop,” the business says on Mitre 10′s website.
In 1963, Scott sold his half share. Mitre 10 was formed in New Zealand in 1974, with Scott & Ricketts joining the group.
“Graeme and Stephen have always been a part of the business. ‘As after-school boys, we packed nails in the garage at home, filled turps bottles in the dangerous goods store and helped count stock at the end of the financial year. At Christmas time, we helped with gift wrapping’,” they’re quoted as saying.
By the mid-90s, the Ricketts family had stores in Napier, Taradale, Hastings and Havelock North.
“They thought they had achieved the ultimate solution to serving Hawke’s Bay. But nothing stays still very long in retail, and by the turn of the century, the store in Heretaunga St was too small and there was not sufficient land adjacent to allow [for] expansion. After studying the international trend for home improvement, it was clear the company needed to build a big box to accommodate huge ranges and extensive car parking.
The Ricketts family bought the old Leopard Brewery. In February 2004, the Mitre10 Mega was opened on St Aubyn St, Hastings.
The business now employs around 200 people locally and many of the team have been with the Ricketts family for many years, the history says.
8. Jacks Hardware & Timber of Dunedin
Owns 241,600 shares equating to 2.55 per cent.
Owned by Dunedin-based Martin Dippie via Otago Land & Merchants.
Otago University says Dippie is the “member principal” of three Mitre 10 stores: Dunedin, Mosgiel and Wānaka.
“He has a wide range of commercial interests and is currently chairman of Mitre 10 (New Zealand). He is a trustee of the Otago Rescue Helicopter Trust and has previously served on the Tourism Dunedin Board. He is the [chairman] of the university’s capital development committee, and a member of the audit and risk committee.”
An Otago Daily Times profile of brothers Martin and Allan Dippie jointly named them the business leaders of the year in 2018. That also said the Dippie brothers’ enterprises now included garden and hardware retailing, landscaping, contracting, construction, real estate and property development.
Martin Dippie has raced a Porsche, and placed second in 2018 when he was photographed with co-driver Jona Grant. The pair raced a bring orange - no surprises there - 2016 Porsche 991GT 3R3.
But in 2013, Dippie and Grant were named overall Targa New Zealand rally winners in their Porsche GT3 RS. That year’s event was Dippie’s fifth in his distinctive orange Porsche, and his plan was “to go out with the leaders at the start and be there if they have any problems”, the Herald reported then.
It was reported last year that Dippie had put money into privately owned tourism business RealNZ.
9. Hamilton Hardware Retail of Te Rapa
Owns 234,213 shares equating to 2.47 per cent.
This business trades as Mitre 10 Mega Hamilton in that fast-growing area, fit to capitalise on the city’s expansion. The store manager is listed as Dylan McKee.
Ownership of the company is all in the hands of other companies and a trust: Hamilton Hardware Holdings, Hardware Investments, Dinsdale Group and Hamilton Hardware Team Share Trustee.
Its directors are Richard Hegan of Christchurch, Stephen Nelson of Napier, David Seymour of Napier, Stephen Weidmann of Tauranga, Lynn Wilson of Hamilton and Terence Wilson of Whangamata.
To give an idea of its size, the company got $1.4m in initial Covid cash for 228 staff in 2020, then $253,000 for an expanded 241 staff members by August 2021.
10. Hargreaves & Ricketts of Westgate in Auckland
Owns 225,136 or 2.37 per cent of the company.
Owned by Scott & Ricketts and Salex.
The directors are David Hargreaves of Rothsay Bay and Napier’s Graeme and Stephen Ricketts (see above, the seventh-largest shareholder Scott & Ricketts of Hastings, with common directors).
Companies Office records say this company trades as Mitre 10 Mega stores at Westgate and Henderson. Those are two extremely fast-growing areas, with new housing and businesses.
In September, Dave Hargreaves of Mitre 10 Mega Westgate near Costco said the announcement of the American big-box retailer initially received mixed responses from local retailers.
“Very early on, we expected Costco to bring more traffic to the area, which it has done,” Hargreaves said.
It had also brought more shoppers to the area.
“I always knew it would increase our customer count because it just brings more people to our doorstep … [Costco] is very complementary [to our business].”
He said customer numbers at Mitre 10 Mega Westgate were up, despite economic headwinds hitting retail in recent months.
“Retail generally is tougher and you just have to work harder, but generally, our customer numbers are positive, and a really good contributory factor to that is the presence of Costco,” Hargreaves told the Herald in September.
Who owns the rest?
The remaining shareholders in the parent are listed here, sourced from the Companies Office. These shares shown here are held in parent Mitre 10 (New Zealand).
11. Jones & Sandford Timber & Hardware (1999), 224,050 shares, owns Mitre 10 New Plymouth.
12. Griffen & Smith, 213,512 shares, Mitre 10 Mega Greymouth.
13. Coast Hardware, 200,246 shares.
14. Field Nelson Holdings, 128,291 shares.
15. Ferrymead Hardware, 126,906 shares, trading as Ferrymead Mitre 10 Mega.
16. Rayden Industries, 125,350 shares, Mitre 10 Mt Wellington, Auckland.
17. Mcalpines Rangiora, 125,024 shares, Mitre 10 Mega Rangiora.
18. Corner Trading, 120,252 shares, Mitre 10 Mega Invercargill.
19. Cambridge Timber & Hardware, 119,003 shares, Mitre 10 Mega Cambridge.
20. Formula Four Investments, 118,640 shares, Mitre 10 Mega Pukekohe.
21. Wanaka Hardware & Building Supplies, 117,778 shares (directors are the Dippies of Dunedin).
22. Indo & Ricketts, 117,760 shares, trading as Mitre 10 Mega Kāpiti.
23. Takanini Home and Trade, 117,071 shares, Mitre 10 Mega Takanini.
24. Remap, 116,497 shares, Mitre 10 Mega Masterton.
25. Forest Hill Trading, 114,969 shares, Mitre 10 Mega Palmerston North.
26. Ladbrook Hardware, 113,796 shares, Mitre 10 Mega Taupō.
27. The Home Centre, 113,774 shares, Mitre 10 Mega Blenheim.
28. H & S Gibson, 113,339 shares, Mitre 10 Mega Whanganui.
29. Shotover Hardware, 112,971 shares, owned by retail conglomerate H & J Smith Holdings.
30. Fern Glen Home Improvement, 111,920 shares, Mitre 10 Mega Whangārei.
31. Simply Blue (NZ), 110,596 shares.
32. Martin & Co (Westport), 108,603 shares, Martin’s Mitre 10 Westport.
33. Waitemata Trading,107,910 shares.
34. Nelsons Electrical & Appliances, 107,001 shares, Mitre 10 Waipukurau.
35. Bridgeman Building Supplies (Dvke), 105,642 shares.
36. LBJ, 105,424 shares, Mitre 10 Papamoa.
37. Zorimar Holdings 2002, 105,294 shares, Mitre 10 Kaitāia
38. Hallz, 105,162 shares, Mitre 10 Crofton Downs.
39. Waiuku Hardware, 104,965 shares, Mitre 10 Waiuku.
40. Wheeler Holdings Taumarunui, 104,787 shares, Mitre 10 Taumarunui.
41. Foxton Hardware Supplies (1984), 104,257 shares.
42. A & S Ferguson (1992), 104,179 shares.
43. Lone Oak Motueka, 103,977 shares.
44. Martinborough Hardware, 103,770 shares.
45. Far North Hardware, 103,559 shares.
46. J Darragh & Sons, 103,222 shares.
47. RW & BL Fergusson, 103,213 shares.
48. Central Otago Energy Centre, 103,192 shares.
49. Masters, 103,104 shares.
50. Stanlyn Hardware, 103,062 shares.
51. K J Enterprises, 102,839 shares.
52. Taylor AND Hallz, 102,803 shares.
53. Irons Trading, 102,565 shares.
54. TE Anau Valuerite Hardware, 102,358 shares.
55. Gac Holdings, 102,320 shares.
56. Wheeler Investments, 101,881 shares.
57. Bam Ventures, 101,747 shares.
58. Home & Trade, 101,695 shares.
59. Morrinsville Hardware, 101,612 shares.
60. T & J Mcilwaine, 101,599 shares.
61. Beachlands 2018, 101,358 shares.
62. Allinx, 101,059 shares.
63. Fairbairn Manukau Holdings, 100,515.
64. Orange AND Black, 100,000.
65. Magsons Hardware (in liquidation), 7952 shares. That business was behind the failed Nido store in Henderson.
How does the Mitre 10 business model work?
Given its huge success yet its reluctance to engage much with the media, here is what we know about the model.
How is it structured?
The co-operative’s parent has 90.4m shares issued. Those are owned in 67 parcels by store owner/operators. Collectively, their buying power is massive. An indication of how much strength each owner/operator has under the co-op can be gleaned from our list of those 67 companies.
How big is a Mitre 10 Mega?
Take the vast new Silverdale store in that fast-expanding area to Auckland’s north. Mitre 10 chief marketing officer Jules Lloyd-Jones said that is around 11,000 square metres on a 2.4-hectare site. That makes it around the same size as Costco Wholesale at Westgate. Yet some stores like the one in Browns Bay which closed a few weeks ago were smaller-format stores. Generally, Mitre 10 is going bigger, considering that better when it comes to footprint.
How much might a store be worth?
A $30m estimate was put on the Silverdale base when that opened on August 11 this year. That is the total value of land and buildings, and it’s one of the larger stores, but that gives an idea of how much it might cost to establish a new outlet in the chain, which continues to expand.
How successful is this national chain?
Many of us have grown up in the time since the business was founded 1974.
“The Mitre 10 brand is part of New Zealand’s DIY DNA. Many New Zealanders have grown up with Mitre 10 and trust the brand so much so that it has been awarded the most trusted brand in New Zealand in home improvement retailing 11 times. That trust comes from knowing we are a locally owned co-operative that plays a valuable role in the communities in which we operate,” the business says.
Who owns the Mitre 10 properties?
Sometimes, it’s investors. Sometimes, it’s a subsidiary. Take the new Silverdale store at 35 Colin Chester Dr in the Highgate Business Park which opened during the winter. Mitre 10 chief legal and property officer Grant Fraser said the 2.4ha site is owned by Mitre 10 Holdings, a subsidiary of the parent. That business has leased the site to the shop owner and the biggest Mitre 10 shareholder, Riviera Hardware Holdings.
How many staff does a typical Mitre 10 Mega employ?
Around 120 people, although it depends on how old and how big the store is. But generally, the stores would be bigger than large supermarkets in terms of staff numbers in many regions, neighbourhoods or cities. Wage subsidy data for Riviera Holdings, for example, showed the company received payments for 373 staff in its businesses.
What is Mitre 10 doing differently in its new-format stores?
Again, Silverdale is a good example. Changes were made in design, layout and how goods are presented: digital shelf labels, a new style of showroom, a treehouse-style playground built mostly of timber, a new carpark layout designed more with pedestrians in mind and a garden centre which combines plants with landscaping goods.
How big is head office?
Mitre 10 (New Zealand) declared 327 employees, eligible for an initial wage subsidy of $2.2m when Covid broke out, giving an idea of its HQ’s size. The glass-fronted “mothership” is at 67 Corinthian Dr, Albany - a far cry from its older, more humble Glenfield HQ before it embarked on the latest growth phase.
How fast is Mitre 10 expanding?
It’s a retail juggernaut. Since 2016, it has opened seven new stores throughout New Zealand. Fraser explained how it had expanded or developed at least another five to six stores. That includes plans for Timaru, as well as work carried out previously at Westgate and Mt Wellington.
What’s at the heart of this business?
“We reckon we’ve got a pretty great culture,” Mitre 10 says. Core values are to be customer-obsessed, operate as one team, strive for excellence and be honest and fair.
That doesn’t always work. Last December, the Commerce Commission prepared to take a Mitre 10 operator to court over action allegedly to prevent a Bunnings store being built. A Mitre 10 (New Zealand) spokesperson acknowledged the negotiated settlement between the commission and NGB Properties, associated with Juted Holdings, which owns and operates Mitre 10 Mega Tauranga.
And so Mitre 10 isn’t a franchise?
Don’t pass go. Return to the beginning of the story.
Anne Gibson has been the Herald’s property editor for 23 years, has won many awards, written books and covered property extensively here and overseas.
