HIGHGATES, LTD.
CHAIN CREDIT STORES
The flotation of chain credit stores in Australia, under the name, of Highgates, Ltd., with a nominal capital of £500,000 in 2,000,000 shares of 5s each, will shortly be announced. The company will not be connected with any other chain store company in Australia, and will not compete with the usual variety chain store, as its trading will be mainly the sale of general merchandise on short-term controlled credit. The founder of the company is Mr. E. C. Bruce Midlane, chairman of directors of Selfridges (Australasia), who will be appointed managing director of Highgates, Ltd.
There is no business in New South Wales or Queensland exactly of the same type, but one such business operating in other States of Australia, with 35 credit stores, has aggregated in the last three years £167,000 of gross and £112,000 of net profits on a capital of £372,000. The intention of the directors is to open bulk stores of the business in Sydney soon after the company goes to allotment and (whilst the retail headquarters»store of the company is being built), to use these bulk stores for trading purposes, and to work up the clientele, and system of the business, thereby bringing the company into quick operation.
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https://paperspast.natlib.govt.nz/newspapers/EP19370609.2.160.13
Bibliographic details
Evening Post, Volume CXXIII, Issue 135, 9 June 1937, Page 14
Word Count
208HIGHGATES, LTD. Evening Post, Volume CXXIII, Issue 135, 9 June 1937, Page 14
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