Latest / Best of Business / Pic Picot: Pic's Peanut Butter founder on a private Australian firm buying a majority stake in the company

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Pic Picot: Pic's Peanut Butter founder on a private Australian firm buying a majority stake in the company · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from News Talk sed B.
• 0:12
  Speaker 1: Follow this and our wide range of podcasts now on iHeartRadio.
• 0:16
  Speaker 2: Here's some good news. It's all on for our international
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  Speaker 2: interest in buying great New Zealand businesses. At the minute.
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  Speaker 2: Picks Peanut Butter is the latest. It is now fifty
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  Speaker 2: one point three percent owned by a Melbourne firm. The
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  Speaker 2: business has found a pic peak host still holds a
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  Speaker 2: minority stake and is with us hat pick great, Hell, congratulations,
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  Speaker 2: well thank you. Why do you sell the majority though?
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  Speaker 1: Pick?
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  Speaker 3: Well, because we needed the money and so had. We
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  Speaker 3: had big plans and we were getting sort of stuck
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  Speaker 3: with sort of a bit too much debt, and you know,
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  Speaker 3: I'm ready to do other things like well, I'm very
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  Speaker 3: happy to continue. Oh I'm doing I'm doing. I'm doing
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  Speaker 3: marketing stuff. So I get out and kiss babies and
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  Speaker 3: go to food shows and meet people which is what
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  Speaker 3: I like, and force them to eat peanut butter. And
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  Speaker 3: then I've got this beautiful bit of land out here
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  Speaker 3: at Manaho where I am tonight and us evening, and
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  Speaker 3: I'm planting trees and looking after a bit of wetland
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  Speaker 3: and fixing up an old house and doing sort of
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  Speaker 3: cool stuff. Oh that's fantastical. Yeah, I'm doing all the
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  Speaker 3: good stuff.
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  Speaker 2: So I mean, if you to sell the majority, though,
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  Speaker 2: you'd have to have fair confidence that these guys are
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  Speaker 2: going to keep on going with the good stuff that
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  Speaker 2: makes your brand your brand.
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  Speaker 3: Right, absolutely, And I think we've been very lucky and
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  Speaker 3: coming across Scal though, because they well they started off
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  Speaker 3: really we started talking to them and we were having
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  Speaker 3: sort of issues sort of getting hold of our peanuts.
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  Speaker 3: So I don't know if you heard, but the Peanut
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  Speaker 3: Company of Australia, where we used to source all our
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  Speaker 3: peanuts from, was sold to a competitor to beager in Australia,
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  Speaker 3: and then the volumes of nuts kept dropping as the
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  Speaker 3: land started drying out. And then about six weeks ago
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  Speaker 3: the Peanut Company of Australia folded and they had been
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  Speaker 3: going for one hundred and twenty odd years and so
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  Speaker 3: it suddenly closed. You know, all our people in Kingaroy,
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  Speaker 3: they're all all unemployed and looking for something else to do.
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  Speaker 3: So we've been really lucky. You've got really good timing
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  Speaker 3: because Scales I've got such very cool international relationships. So
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  Speaker 3: they are very big peanut buyer and so they can
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  Speaker 3: get really good deals on the top quality peanuts, which
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  Speaker 3: is what we love. And it's been really it's been
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  Speaker 3: really useful. And they've also they've also brought with them
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  Speaker 3: a heap of skills, you know, technical skills and management's abilities.
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  Speaker 3: Are just good, good people. They've been around for a
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  Speaker 3: long time and most of their staff have been there
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  Speaker 3: for fifteen twenty years. It's fantastic.
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  Speaker 2: Oh that's brilliant. And listen, I'm stoked that you're going
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  Speaker 2: to have a good time planting your trees. Enjoy that.
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  Speaker 2: I can't imagine how much fun that is. I'd love
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  Speaker 2: to be able to do it.
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  Speaker 1: Let's pick Picoat for more from News Talks. The'd be
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  Speaker 1: listen live on air or online and keep our shows
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