In March 2016 the Stonewood master franchise and the Christchurch franchisee assets were purchased by the Chow Group & Inno Capital with John Chow confirming all partially completed homes affected by the receivership would be completed.
Another 80 house builds in Christchurch are in the pipeline and about to start.
“But to achieve that,” said John Chow,
”we’re well aware that to attract the best subbies we need to pay them on time and then they’ll naturally compete on the basis of delivering quality work.”
“We are extremely proud to have kept 40 people in work,” said Michael Chow.
“We plan to hire extra staff over the coming months and the CEO announcement is imminent.”
Fellow Inno Capital director Clint Webber said commitments from virtually all suppliers have been received and all of the regional Stonewood Homes franchisees have been hugely supportive.
“When buying assets out of receivership we were taking a bit of a risk but what we have found is an incredibly loyal employee team ready to re-engage with customers and get building again. We are working very closely with Master Builders to ensure build guarantees are not affected and with their support we should be able to start building again next week.”
John Chow said they had been humbled by the level of support received from Christchurch.
“We want to repay that faith by re-igniting Stonewood into a proudly Canterbury brand with national coverage.”
The trio and their Stonewood staff celebrated last night with the more than 100 tradies and suppliers who are pledging support to the new owners.
“It was a great night but it wasn’t a late night as today we are back in business”, said John Chow.
With the Chow brothers owning more than $200 million in assets, John Chow said he believed Inno’s purchase meant Stonewood now has the strongest commercial footing of any New Zealand group home builder.
Stonewood is the second largest residential group home builder in Canterbury and the third largest nationally but the new owners have plans to make it number one.
“There can be no doubt now – if you build with Stonewood you can have confidence your house will be completed to the highest standard.”