Bennetts Group acquires Jasons Travel Media
Tertiary textbook company Bennetts Group has acquired the assets of Jasons Travel Media from the receivers for an undisclosed sum.
The travel and accommodation guide publisher, which last month told its lenders to appoint a receiver because of a deteriorating financial position, will become a new member of the Bennetts Group and will continue to trade.
The deal includes 62 magazine publications, the Jasons websites, and more than 4000 distribution points across New Zealand.
Invercargill-based Preston Russell Law partner and Southland Chamber of Commerce president Sean Woodward has been appointed director of the new company – Jasons (2013) Ltd. He is also lawyer for the company.
"The whole idea is to make sure the receivership does not affect the business, which it has not because it has all happened so quickly," Woodward said.
The acquisition had been required to be completed under a tight time frame, which meant Bennetts would be assessing the requirements of the business during the coming months and talking with customers and suppliers as soon as possible.
All but one of Jasons' 70 staff members were offered employment on existing terms and conditions.
Bennetts Group planned to focus on restoring the Jasons brand and operation, which had faced challenges since the global economic crisis and meeting the requirements of being a listed company.
- The Southland Times