15 Oct 2010

Bed maker says it can compete with China

6:07 pm on 15 October 2010

Bed manufacturer Sleepyhead, which makes all its product in New Zealand and Australia, says it can compete with China by being efficient and innovative.

The company is celebrating its 75th birthday this week.

Director Craig Turner, who runs the family-owned company with his brother Craig, says business has been tough during the past few years, though there are signs sales are starting to pick up again.

Sleepyhead has 55% of the market in New Zealand and 8% in Australia.

Mr Turner says there's huge potential for the company to increase its market share on both sides of the Tasman by being efficient and developing new products.

Four years ago the Turner brothers tried to buy the failing carpet marker Feltex, seeing an opportunity to expand their business.

Craig Turner says that even with hindsight he's still disappointed their bid failed, but it's an area which the company may return to.

He would not give turnover or profit figures for Sleepyhead, but the family is ranked 43rd equal in the NBR Rich List with an estimated fortune of $85 million.