Crowe Horwath Principal Martin Richardson has been appointed a Director of Quest Apartment Hotels (NZ) Limited, and will join the existing board made up of Stephen Mansfield and Warren Ladbrook, as the first Independent Non-Executive Director.
Mr Richardson has provided business advisory services to entrepreneur and Quest Apartment Hotels New Zealand CEO, Stephen Mansfield, and the Quest franchise system in New Zealand and Fiji, since it was first launched here in 1998.
The Quest franchise system began in Australia in 1988. Mr Mansfield was involved with the business in Australia both as an owner and executive.
Since launching in New Zealand in 1998, the business has rapidly grown from four properties under management – two each in Auckland and Wellington – to 34 franchised properties with more on the way.
Quest is now the leading apartment hotel operator in New Zealand with one operation in Suva, Fiji.
Mr Mansfield says: “The appointment of the first Independent Director coincides with a number of other initiatives that seek to evolve the company, which has effectively been an owner/operated business, into a more formal corporate structure. This will position the company for the next 15 years of growth.”
While the evolved board structure will assist in strengthening overall governance in the day-to-day business, which is growing on average between 2-3 new operations per year with an annual turnover in excess of $50 million dollars, its primary focus will be to elevate the company’s positioning as it relates to new site growth going forward.
Crowe Horwath has been involved in every step of the way providing Quest with tax and compliance accounting advice through to implementing a range of consulting assignments. It also assists with monthly management reporting, PAYE, GST, annual income tax compliance and benchmark reporting for the franchise group.
Mr Richardson says he is looking forward to getting more involved with the company and advising in the implementation of the Quest strategic planand shaping the future growth of the business within New Zealand and Fiji.