Wilson Parking looks to expand

  • 14/08/2015
Wilson Parking looks to expand

By 3 News online staff

Major car parking company Wilson Parking has signalled its desire to expand, applying to take over the lease of 10 sites currently operated by Tournament Parking.

The company has applied to the Commerce Commission to acquire the car parks in Auckland and Wellington.

The private company is the biggest public parking provider in New Zealand, with around 270 sites nationwide.

Tournament is also privately owned, but is much smaller with only 13 car parking sites across Auckland and Wellington. It sold most of its other parking operations to Wilson Parking in 2013.

In the same year, the Commission investigated whether Tournament Parking sites being consumed by Wilson Parking would substantially lessen competition, but found there was no evidence to suggest there would be.

The Commission says it will give clearance to a proposed merger only if they're satisfied it won't lessen competition.

Wilson paid $29.4 million for the Tournament leases it acquired in 2013, and last year spent $29.6 million buying First Security Guard Services, according to financial statements lodged with the Companies Office.

After the June 30, 2014 balance date, Wilson said it bought a number of car property related assets for $7.5 million.

The company boosted revenue 66 per cent to $80.1 million in the year ended June 30, 2014, generating a 23 percent increase in net profit to $2.7 million, according to the statements.

3 News / NZN