Locals save branch of marine retailer from receivership

Trev Terry Marine Ltd's Wanaka store. PHOTO: ODT FILES
Trev Terry Marine Ltd's Wanaka store. PHOTO: ODT FILES
The Wānaka branch of a national marine retailer will not be going down with the ship after a new owner stepped in to salvage the operation.

Trev Terry Marine Ltd, a retailer and boat repair shop with branches stretching from Auckland to Invercargill, was placed into receivership in February.

Wānaka businessman Sam Watts said he and his business partner, locally renowned boat mechanic Nigel Johnson, had officially taken over the property lease from the appointed receivers Calibre Partners and were already open for business.

While the marine industry continued to have "a hard time", their focus would be on getting the business back on its feet and servicing the town’s strong boating community.

"It’s been a well-served region and a popular business for a long period of time, so I’m confident that we can improve on the past and service the community better than before.

"I’m comfortable with where the place is and the clientele. It’s a bit of a bubble down here."

Mr Watts said the Trev Terry signage had been taken down on Wednesday and while they were still settling on a new name, they would likely go for Marine & Sport Wānaka.

Before Trev Terry’s acquisition in 2022, the previous business on the site had been named Wanaka Marine & Sport.

Once they were up and running, Mr Watts said he hoped the store would be able to employ "five people in the busy period".

Neale Jackson, joint receiver and manager at Auckland-based Calibre Partners, said Trev Terry’s Wānaka branch was the only one they had managed to transfer to a new owner.

"Only the Taupo yard and Hamills store are currently open but they will be closing permanently on Sunday, July 7."

The remaining stores in locations such as Turangi, Napier and Invercargill had closed and their stock largely auctioned off.

A receiver’s report produced in April revealed Trev Terry owed about $16.58m to creditors.

Following a period of aggressive expansion between 2021 and 2022, the Taupo-based company had employed 67 staff in total.

Mr Watts said while he was relieved the Wānaka branch had been saved, it was "quite sad" to see so many staff affected by the closures.

— Regan Harris