R. MURRAY SUBSIDIARY

Press, Volume CV, Issue 30980, 9 February 1966, Page 17

R. MURRAY SUBSIDIARY

Firm Sold To U.K. Group (N.Z. Press Assn.—Copyright) MELBOURNE, Feb. 8. The old-established Flinders lane soft-goods firm of Robert Reid, Pty., Ltd., has been sold to a London group for £2,047,504 cash. Robert Reid was the only remaining trading subsidiary in the Reid Murray group. The sale, payable over 21 months, will help the funds for debenture holders in Reid Murray Acceptance. Ltd. The buyer is Ralli Brothers (Bankers), Ltd., a group with which Sir Isaac Wolfson, of Great Universal Stores, Ltd., is associated. Other Purchase The Ralli Brothers group last month bought another old Flinders lane firm, Paterson Laing and Bruce, Ltd. A former Australian Prime Minister, Lord Bruce, was a member of the firm. It is now proposed to merge Robert Reid and the P.L.B. businesses with the new name of Patterson, Reid and Bruce, Ltd. Quotation on the Australian Stock Exchanges will be sought when “adequately profitable operation is achieved" Robert Reid is a wholesale distributing and importing business with branches in all States except Tasmania. The merger is subject to British Treasury consent. Ralli Brothers is a leading London merchant bank with world-wide interests. It is owned equally by discount Bank (Overseas), Ltd., Geneva and Drage’s, Ltd., of London. It has no interest in retail stores or mail order companies in England or elsewhere in the textile field.