Eric Watson (businessman)

Eric Watson (businessman)

Eric Watson born 1959 in Christchurch, New Zealand is a global businessman, now resident in London. In 2011 the National Business Review listed Watson as the 30th richest New Zealander with a wealth of $NZ220 million.[1]

Contents

Personal

Watson attended Xavier College in Christchurch and later earned a diploma of general management from Auckland University .

His first job on leaving school was as a butcher's apprentice. He later became a sales and branch manager at Whitcoulls and then a manager for Xerox.[2] Watson held several senior positions within the Xerox Corporation President of Operations for Australasia.

Watson has previously been married to Nicole ("Nicky") Watson, a model and minor celebrity (who now uses the name Nicola Robinson).[3] He has two young sons with his Swedish partner, model Lisa Henrekson.[4]

In 2010 Watson broke his back on a skiing holiday in Switzerland[5]

Businesses

He left Xerox in 1992 to start Blue Star Group,[6] a retail and distribution business. He held the position of founding chairman and largest shareholder and eventually grew the start-up to over US$90 million in revenues. In 1996, Blue Star Group was sold for US$68 million to Nasdaq-listed US Office Products, a diversified supplier of a broad range of office products and business services to corporate customers. Watson oversaw the expansion of USOP throughout Australasia and the growth of its Australasian operations to over US$870 million in revenue.

He bought Blue Star Group in 1992. It took over Whitcoulls and other companies and was then sold to US Office Products in 1996, making NZ$150 million for Watson. Since then he has bought and sold numerous other businesses.

Hanover

Watson and business partner Mark Hotchin bought Elders Finance in 1999. Elders, and a number of other finance companies, were brought together to create Hanover Group.[7] In July 2008 the finance companies within Hanover Group froze repayments, suspending acceptance of new deposits.[7] Hanover paid dividends of NZ$41 million in the 2007 financial year and NZ$45.5 million in the 2008 financial year.[8] In the 2008 financial year, NZ$68.5m was contributed to Hanover by entities associated with Watson and Hotchin.[9] Hanover was New Zealand's third largest finance company at the time.

In December 2009 Hanover Group debenture holders, note holders and bond holders voted in favour of swapping their debentures, notes and bonds for shares in Allied Farmers Limited (NZX: ALF). This transaction resulted in ALF assuming the net asset position of the Hanover Group finance companies.[10]

Cullen Investments

Watson founded Cullen Investments in 1995 and is currently the executive chairman of the international private investment company.[11] The company has interests in the following sectors; fashion retail, financial services, agriculture, real estate and sports and entertainment.[12]

Watson has actively invested his own capital in a range of mergers and acquisitions. Cullen's primary focus is development of its international portfolio, which includes interests in the United States, United Kingdom, Australia and New Zealand.[12]

Bendon

Through Cullen Investments Watson owns Bendon Lingerie. First launched in New Zealand, the company now has sales channels in Australia, US, UK, Europe and the UAE. The brand includes ranges from Elle Macpherson who helped launch the brand into the UK and Europe,[13] and Stella McCartney.[14]

New Zealand Warriors

Through Cullen Investments Watson bought a 75% stake in New Zealand’s Warriors Rugby League Club in 2000,[15] which competes in the Australasian National Rugby League (NRL) and is New Zealand’s largest and highest-profile privately owned sporting franchise.

Cullen Agricultural Holdings

Cullen Agricultural Holdings is an 85% owned subsidiary of Cullen Investments of which Watson is chief executive and chairman. The business planned to use New Zealand farming techniques to cut costs on as much as 16,000 hectares of mainly dairy farmland in the US. Some land has been divested with the proceeds repaying capital invested by Cullen Holdings.

Real Estate

Cullen has an international property portfolio, including commercial assets and residential development, predominantly in New Zealand, the US and UK. Major assets in New Zealand include Westbury Estate, while offshore investments include an upmarket property portfolio in London.[16]

Watson Foundation

The Watson Foundation is a charitable trust established by Cullen Investments. The main objectives of the Watson Foundation are to enrich the lives of underprivileged children and young people and assist with their needs, including care, support, protection, health and education. The foundation sponsors charities such as The First Tee of New Zealand.[17]

References

  1. ^ "The Rich List at a Glance (Wealth order)". The National Business Review. 27 July 2011. http://www.nbr.co.nz/rich-list-glance-wealth-order. Retrieved 24 Aug 2011. 
  2. ^ McNabb, Denise (27 September 2010). "Assembling a fortune, deal after deal". The New Zealand Herald. http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10675761. Retrieved 20 February 2011. 
  3. ^ "'Newsboy' Wells & Watson most sexy - 27-Nov-2002". NZ Entertainment news. http://home.nzcity.co.nz/news/article.aspx?id=26476&cat=975. Retrieved 2008-08-01. 
  4. ^ "' Eric Watson moves on from cardies to cows as Sardinia beckons". NZ Herald. http://www.nzherald.co.nz/entertainment/news/article.cfm?c_id=1501119&objectid=10668233. Retrieved 24 Aug 2011. 
  5. ^ NBR staff (22 April 2010). "Eric Watson breaks his back skiing". National Business Review. http://www.nbr.co.nz/article/eric-watson-breaks-his-back-skiing-121880. Retrieved 11 September 2011. 
  6. ^ "Eric Watson: Executive Profile & Biography - businessWeek". investing.businessweek.com. http://investing.businessweek.com/research/stocks/peopleperson.asp?personId=8584272&ticker=CAGZ:US&previousCapId=124903&previousTitle=CrossHill%20Financial%20Group%2C%20Inc. Retrieved 23 February 2011. 
  7. ^ a b Taylor, Phil (19 February 2011). "Mark Hotchin: The man behind the money". The New Zealand Herald. http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10707295. Retrieved 20 February 2011. 
  8. ^ PriceWaterhouseCoopers (2008 para 325). "BC10056892687.pdf (application/pdf Object)". societies.govt.nz. http://www.societies.govt.nz/scanned-images/87/BC10056892687.pdf. Retrieved 16 June 2011. 
  9. ^ PriceWaterhouseCoopers (2008 para 327). "BC10056892687.pdf (application/pdf Object)". societies.govt.nz. http://www.societies.govt.nz/scanned-images/87/BC10056892687.pdf. Retrieved 16 June 2011. 
  10. ^ "Hanover investors vote yes to Allied Farmers deal". nbr.co.nz. http://www.nbr.co.nz/article/hanover-investors-vote-yes-allied-farmers-deal-116611. Retrieved 4 March 2011. 
  11. ^ "Eric J. Watson Profile - Forbes.com". people.forbes.com. http://people.forbes.com/profile/eric-j-watson/81286. Retrieved 28 February 2011. 
  12. ^ a b "Cullen Investments". culleninvestments.com. http://www.culleninvestments.com/cullen-investments.php. Retrieved 28 February 2011. 
  13. ^ "Elle fronts Bendon's UK launch - The Press". highbeam.com. http://www.highbeam.com/doc/1P2-17453464.html. Retrieved 2 March 2011. 
  14. ^ "Stella McCartney to release first lingerie collection in February 2008 - The Lingerie Post". the-lingerie-post.com. http://www.the-lingerie-post.com/2008/01/stella-mccartney-to-release-first-lingerie-collection-in-february-2008/. Retrieved 2 March 2011. 
  15. ^ "Warrior chief living life to the Maximus - www.smh.com.au". smh.com.au. 28 September 2003. http://www.smh.com.au/articles/2003/09/28/1064083254800.html. Retrieved 4 March 2011. 
  16. ^ "Luxury estate ideal corporate retreat or idyllic personal getaway - Property - NZ Herald News". nzherald.co.nz. 2011 [last update]. http://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=10662351. Retrieved 9 March 2011. 
  17. ^ "The First Tee of New Zealand View Library Document: Sponsors". thefirstteenz.org. http://www.thefirstteenz.org/club/scripts/libraryview_document.asp?GRP=7248&NS=GDC&APP=80&DN=SPONSORS. Retrieved 7 March 2011. 

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