24 Nov 2022

Ngāi Te Rangi expands portfolio by taking stake in Gull

4:45 pm on 24 November 2022

Gull has 117 petrol stations nationwide. Photo: RNZ / Dan Cook

Tauranga iwi Ngāi Te Rangi has broadened its portfolio to become part owner of the fuel retailer, Gull.

Ngāi Te Rangi and another undisclosed Māori entity will form a company called Galileo 28, which will hold the shares in Gull.

Gull has 117 petrol stations and its depot in Mt Maunganui is on Ngāi Te Rangi rohe, near Whareroa Marae, which has complained about the surrounding industrial area.

Paora Stanley

Paora Stanley Photo: RNZ / Justine Murray

Ngāi Te Rangi chief executive Paora Stanley said the partnership was a chance for the iwi to expand its financial assets.

"This investment represents an opportunity for our iwi to diversify our investment portfolio a little more. There are things that Allegro does that we recognise are very similar to what we do, except they have a lot more zeroes on the end of their investments," Stanley said.

"The thing we all have in common is that our various tikanga are the same, may be different language names but it is the same. Nevertheless, it's wonderful to be working with people of mana."

Gull's chief executive Dave Bodger said the business and Ngāi Te Rangi both have a strong connection to Tauranga.

"We are delighted to have two key Māori entities as part of our expanding energy business across Aotearoa. Ngāi Te Rangi are one of Gull's neighbours in Tauranga and will be the lead investor," Bodger said.

Gull NZ chair and Allegro Funds' managing director Fay Bou said the Māori investment represented an important milestone for the fuel operator.

"Allegro prides itself on a partnership approach, and since taking ownership of the business in July this year it has been a priority to partner with the traditional owners and custodians of the land on which Gull's operations are located," Bou said.

"We look forward to working with Ngāi Te Rangi and their leaders to explore opportunities to deepen the partnership, support the local environment and community and together grow the business.

The iwi's $26.5 million treaty settlement which was now worth about $60m was still in the process of being finalised. The settlement has resulted in the acquisition of commercial properties, transitional housing, fisheries and investments.

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