Ben Gough takes controlling stake
Christchurch property investor Ben Gough announced today he has taken a controlling stake in the Canterbury family business Gough Group.
Gough, a director of the group, said he now had control of more than 50 per cent of the company's shares. The rest were owned by other family members.
Gough Group, formerly Gough Gough & Hammer, supplies machinery and equipment to the infrastructure, mining, forestry, transport and power systems industries in New Zealand and Australia.
Gough, Gough & Hamer was founded in 1929 by Edgar C. Gough, Harry H. Hamer and Tracy T. Gough, dealing in electrical goods.
In 1932 they secured the dealership to distribute Caterpillar machinery in New Zealand and have held that for 80 years.
The company secured more machinery dealerships over the years.
In 2007 the group divided into two main arms, the equipment group (Cat, Cat Rental, Forklifts and Engineering) and the Transport Group (Transport Wholesale, Transpecs and Gough Transport Solutions with the latter being the Australian companies).
Gough said his taking a controlling stake did not mean changes were imminent.
''That doesn't signal any change from an operational perspective. It's business as usual. We continue to be committed to supporting reinvestment across all of our companies and enhancing the relationships we have built,'' Gough said.
Gough started his property investment business, Tailorspace in 2000. Christchurch projects include the redevelopment of the Murray and Company building at 133 Victoria Street and of the Public Trust building on Oxford Terrace.
- © Fairfax NZ News
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