Dorchester to be renamed
Dorchester Pacific has confirmed that – following its takeover of the Turners Group – it will consolidate its interests into a single-listed entity that will carry the Turners name from February 1. Paul Byrnes, chief executive officer, says: “It doesn’t make sense to maintain two listed companies. Although proud of the achievements of Dorchester and its successful turnaround, we also recognise the value and goodwill in the Turners name, which has a lot of history and affection attached to it.” Byrnes says the company has undertaken focus group research that highlighted positive values associated with Turners’ brand, including words such as trust, integrity, reputable, honest, well-recognised, heritage and longevity. “These values represent a positive platform on which to develop our group businesses.” Byrnes adds that – as has been the case with other acquisitions such as EC Credit and Oxford Finance – the Turners business will continue to operate independently, but share some back-office functions. The Dorchester brand will remain an important banner for the group with Dorchester Finance continuing to grow in the motor vehicle and consumer lending market. “We are excited about this phase of our growth, and welcome Turners and the great team of people attached to that business into our group. As the new guardians of the Turners brand, we are committed to making this successful and rewarding for all involved.”