Timaru couple buy family business
A Timaru couple has taken the rare opportunity to buy established family business Dan Cosgrove Ltd.
Gary Fahey, best known for his sporting achievements, and his wife, Juliet, take over the business on May 1.
The family company was established by the late Daniel Cosgrove in 1934 as a plumbing supplier, employing about eight staff. It moved into roofing and now employs 25 people. All staff will be retained with the changeover.
One of Daniel's sons, Kevin, will work with the Faheys as a consultant for the next 18 months to ensure a seamless transition.
Kevin Cosgrove said he and his brothers, Brian and Peter, were excited that the business was remaining locally owned, rather than by a large corporation.
"We are all of an age of retirement," he said.
It had been a very good business to be involved in.
"It has served South Canterbury well and New Zealand. We appreciate the support of our clients over the years."
The Faheys were unsure if it would become a family business too, as, like the Cosgroves, they would leave it up to their two children whether they wanted to be involved or not.
Lack of family interest is what has led the Cosgroves to sell.
Gary Fahey has 31 years' experience in the engineering industry and business in South Canterbury.
"It's very important for us to continue the relationships the family business has built up over such a long time. It's how we like to do business so it's a good fit for us."
- The Timaru Herald