Telecom has sold 15 retail stores to Australian retail company Leading Edge Group for $16.4 million.
A decision to sell the stores was made last year as part of a detailed review of Telecom’s retail distribution strategy. The review recommended revamping consumer stores and selling the 15 business stores to an independent dealer.
Leading Edge operates a national network of 1300 stores in Australia and has annual turnover of $A1.5 billion.
CEO Keith Lane says the group intends to leverage the Telecom brand and business networks to grow the business base.
The 15 stores are in Auckland, Wellington, Hamilton, Taurange, Whangarei, Taupo, Napier and Christchurch.
Telecom retains ownership of its 25 consumer-focused stores.