$10 Million On Call
Illawarra Mercury
Wednesday August 6, 2003
MOBILE phone and car products retailer Strathfield Group Ltd said it had secured a $10 million debt facility to continue the company's turnaround.
Strathfield managing director John Winstanley said Bridge Retail Investments Pty Ltd would provide the retailer with up to $10 million for two years by way of a secured loan.
``It means that we have enough finances to complete the turnaround story, particularly accessing floor stock and building the business from there," Mr Winstanley said.
Milne in top job
NICHE retailer Brazin Ltd chief executive and founder Brett Blundy said he would take a sidestep, making room for international retailer Greg Milne to take up the top job.
The move comes less than a month after Mr Blundy withdrew his privatisation bid for the retailer.
However, Mr Blundy denied any connection with the two events, saying he had wanted Mr Milne to join the group for several months.
Hutchison steady
HUTCHISON Telecommunications (Australia) Ltd said yesterday it was not revising its profitability forecasts despite the surprisingly strong uptake in its 3G network services.
The company has reported a $129.36 million net loss for the first half of 2003, compared with a $72.7 million net loss in the previous corresponding period.
No interim dividend was declared.
© 2003 Illawarra Mercury