Story image

The Warehouse Group sells financial services business for $18m

11 Sep 2017

The Warehouse Group has sold its financial services business to Finance Now for $18 million.

The Board of The Warehouse Group has confirmed the sale which will be completed today. Nick Grayston, CEO of The Warehouse Group, says both parties are looking forward to continuing to work together.

The sale expands an already existing relationship between The Warehouse Group and Finance Now, a subsidiary of SBS Bank.

The Warehouse Group Financial Services encompasses a range of consumer and corporate finance solutions and includes Warehouse Money, Marble Finance, and Diners Club International.

The Group will continue to offer branded financial services to its customers with new support from Finance Now. Diners Club New Zealand will remain under the ownership of The Warehouse Group.

Grayston adds, “The Warehouse Group Financial Services will remain as a business and continue to provide financial products and services to customers of the wider Group.”

“We have a dedicated team to support the transition, who will work closely with both The Warehouse Group Financial Services and Finance Now to deliver seamless customer experience.”

Joan Withers, chair of The Warehouse Group, says the deal will enable The Warehouse Group to focus its capital and people resources on the transformation of its retail business.

“This is our current top priority and will remain so over the next few years.”

The purchase price is expected to result in a non-cash impairment of software assets of approximately $16M in the FY17 financial results.

Phil Ellison, CEO of Finance Now, comments, “To partner with another successful Kiwi-owned company with shared values around outstanding customer service and contributing to New Zealand communities is fantastic.”

"We are looking forward to working even more closely with the Warehouse Group to further enhance the access and range of financial solutions they can offer their customers.”

Why Aussie companies are struggling with data
The top culprits in poor data quality in Oz are human error, different data sources, lack of comms, inadequate strategy, and too much information.
Machine learning is a tool and the bad guys are using it
KPMG NZ’s CIO and ESET’s CTO spoke at a recent cybersecurity conference about how machine learning and data analytics are not to be feared, but used.
Pure Storage expands enterprise data management solutions
It has integrated StorReduce technologies for a cloud-native back up platform, and expanded its data fabric solution for cloud-based applications.
Seagate: Data trends, opportunities, and challenges at the edge
The development of edge technology and the rise of big data have brought many opportunities for data infrastructure companies to the fore.
TIBCO announces API management solution with cloud-native design
The platform aims to deliver key API management capabilities for enterprises adopting cloud-native development and deployment practices.
How blockchain could help stop video piracy in its tracks
An Australian video tech firm has successfully tested a blockchain trial that could end up being a welcome relief for video creators and the fight against video piracy.
How to gain an edge with data analytics in 2019
"With greater reliance on AI and machine learning comes human hesitation about the trustworthiness of model-driven recommendations."
Veeam achieves backup certification for SAP HANA
"SAP HANA enterprise customers can take advantage of Veeam’s backup solution for their performance-sensitive SAP environments."