BARTERCARD Australia (BA) has bought out the majority stakeholder of its London-based parent company.
Co-founder Wayne Sharpe sold his 60 per cent share of Bartercard Limited (UK) to fellow co-founder Brian Hall (pictured) and BA directors Trevor Deitz and Tony Wiese.
The deal will bring the company’s head office back to the Gold Coast. Financial details of the buyout were not released.
“We have gone from being a franchisee to being the franchisor,’’ says chairman Murray D’Almeida.
He says the move will improve distribution and trade opportunities for BA’s 20,000-plus members.
International travel and trade transactions account for only 5 to 10 per cent of company operations, but that is now expected to grow significantly.
“This is a very positive step for everyone,’’ says D’Almeida.
”It will allow the business to be more responsive and provide easier international transaction opportunities for our members on a much more seamless basis.’’
Bartercard was founded by Andrew Federowsky, Hall and Sharp on the Gold Coast in 1991.
The company has 55,000 international business members trading more than $1 billion a year in six countries.
Hall led a management buyout of Bartercard Australia for $25.5 million in August 2007, just a month after the international arm of the business was privatised.
Sharpe says he will focus on developing a new Sydney-based carbon trading company, Carbon Trade Exchange (CTX).
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support