Wright Stephenson
| Industry | Stock and Station Agency |
|---|---|
| Fate |
(business) merged with Fletcher Holdings Limited (company) dissolved 2000 |
| Predecessor | Wright Stephenson |
| Successor | July 1, 1981 Fletcher Challenge Limited |
| Founded |
Dunedin, New Zealand (business) (1861) (company) March 28, 1906 |
| Founder | John Wright and Robert Robertson |
| Defunct | ceased operations July 1, 1981 |
| Headquarters | Dunedin until 1918 then Wellington, New Zealand |
Number of locations | 100+ |
Area served | New Zealand, Australia |
Key people |
W D Hunt J A Johnstone C U Plimmer R R Trotter |
Wright Stephenson was a stock and station agency founded in Dunedin New Zealand in 1861 that by 1972, just before it merged with NMA, had developed 27 stock and station branches throughout New Zealand with more than 100 further sub-branches and agencies to service farming areas throughout the country.
After the merger with NMA the company was known from 23 March 1972 as NMA Wright Stephenson Holdings Limited until 31 October when the long-intended name was assumed, Challenge Corporation.
Following the January 1981 merger of Challenge with Fletcher Holdings and Tasman Pulp and Paper — which did not provide the desired financial stability — the Fletcher Challenge group was demerged in 2001.
The stock and station agency operations now form a core part of the business known as PGG Wrightson.
Foundation
The business was begun in 1861 by partners John Wright and Robert Robertson. Robertson left in 1868 and was replaced by auctioneer John Stephenson. Ownership was switched to a public listed company in 1906.[1]
Core business
On behalf of its farming clients Wright Stephenson handled the sale and auction of livestock, wool, land, grain and seed as well as provided services to meet a range of agricultural and pastoral requirements.[1]
Pastoral banking service
Working capital and capital was provided to the farming industry together with advice on farm accounting, budgeting, taxation and estate planning.[1]
Diversification
To dilute the seasonal and cyclical nature of their activities in the wool trade Wright Stephenson developed extensive interests held in:
- the motor vehicle industry including retail and wholesale trading and manufacturing
- home-appliance stores, a chain of more than a dozen throughout New Zealand's main centres
- warehouses engaged in the wholesale distribution of hardware, pharmaceuticals, veterinary supplies and general merchandise
- major holdings in a quoted company operating 27 department stores
- a joint venture developing shopping centres and major commercial buildings.[1]
Stock and station agencies acquired
1916
- W & G Turnbull & Co established 1857
- W Gunson & Co established 1881
1920
- Abraham & Williams established 1884
1959
- Wairarapa Farmers' Co-operative Association established 1868
1961
Wrightson NMA
In 1972 Wright Stephenson merged with National Mortgage and Agency Company of New Zealand to form Wrightson NMA[1] The holding company took the name NMA Wright Stephenson, it was to change that to Challenge Corporation in 1973,[3] which subsequently merged with Fletcher Holdings in 1981 to form Fletcher Challenge.