Warehouse buys 50% stake in Shop HQ
Following a deal to become an Apple authorised reseller of iPads, The Warehouse has bought a 50% stake in Shop HQ.
The online retail site, run by GrabOne founder Shane Bradley, would not disclose how much the company paid for the share, nor has it informed the stock exchange.
"They wouldn't have to [make an announcement] ... it's small," Bradley told NZ Herald.
Following a meeting with founder Sir Stephen Tindall and CEO Mark Powell, Bradley said a combination of both his skills and the expertise of The Warehouse "makes quite a bit of sense."
The deal follows news The Warehouse became an Apple authorised reseller of iPads, with the company saying it aims to work closely with Apple ‘on our progress and extending our offering in the future’.
The company also bought Noel Leeming Group’s retail outlets and online business in a $65 million deal seven months ago.
"We think Shane has got a good track record and credibility in this space and can add value to our overall strategy," said Powell, upon completing the deal.
"Like in all joint ventures we both bring something to the party."