Exclusive by Patrick Avenell
PERTH, WA & SYDNEY, NSW: Retravision WA is currently in the process of being sold, with up to four separate equity firms reported to be interested in the network of stores. Retravision WA represents stores based in Western Australia, South Australia and the Northern Territory.
According to a number of sources, Retravision WA is asking for $50 million, although there is widespread belief amongst current Retravision WA members that this valuation is less than the group is worth. Interestingly, Current.com.au has been told that the voting for this decision was based on the weight of turnover per member, rather than members having equal voting power.
The Retravision brand has had an interesting and varied history in the Australian retail marketplace. Originally a beacon of prosperity, with the brand carrying great recognition and trust in the community, especially in regional areas, the Retravision brand as a whole has since suffered from a series of setbacks.
The first and most adverse was the collapse of Retravision NSW in the mid-2000s. This led to stores being supplied by Retravision Queensland and Retravision Southern. Then, in September 2008, Retravision lost the RT Edwards group of stores to the South Australian Radio Rentals group.
A third major blow came last year, when the Truscotts group of stores collapsed. Although the official line from owner Dr Christopher Starr was that the economy had been the cause, the Truscotts group was accused of having phenomenal stock loss issues and poor management.
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