Tuesday, 20 January 2009

Tom bombs out

Cairns's grandfather of high-density development, Tom Hedley, is no longer CEO of his own listed pub group (Hedley Liquor and Gambling), reports Kitchenslut.

Hedley has resigned to devote time to his Hedley Private Group businesses.

"His replacement is the apparently well credentialed, recently recruited, Peter Armstrong," KitchenSlut says. "Armstrong would appear to be among those departees from Coles, perhaps not entirely voluntarily, following acquisition by Wesfarmers, and their clean out of the Augean stable?"

"HLG remains a hopelessly conflicted structure controlled by Hedley whose private interests manage the concern for a fee. Hedley also has contracted development rights for the pubs. Hedley is also the largest shareholder (and mezzanine financier) to the largest (troubled) pub tenant NLG. Hedley's own private interests are the third largest tenant. Now, the former CEO of the other key tenant is also inside the circus tent."

As one CairnsBlog reader suggested, it might be useful to keep an ongoing tally of closed/bankrupt businesses in Cairns.

Read full report here.

2 comments:

KitchenSlut said...

Update: This interesting report in The Australian suggests the move was required by Tom's bankers.

http://www.theaustralian.news.com.au/business/story/0,28124,24940279-36418,00.html

Clifton Ratbag said...

I *love* the idea of keeping a tally of closed/bankrupt businesses in the Cairns area.

If combined with the number of employees who've lost their jobs, it would be a great indicator of the true condition of the economy.

God knows we can't get any truth from the Cairns Post. In today's paper, Damian Guppy has written a "puff piece" that, with the help of a real estate agent, attempts to float the notion that the property market has "turned the corner". What a load of shit this is! We have only just begun to see the collapse begin.