Eric Watson (born 1959) is a former businessman from New Zealand.
In 2011, the National Business Review listed Watson as the 21st richest New Zealander. [1] However, he was removed from the 2019 NBR Rich List. [2]
He attended Xavier College in Christchurch where he enjoyed his schooling. His first job on leaving school was as a butcher's apprentice. He later became a sales and branch manager at Whitcoulls and then a manager for Xerox. [3]
He left Xerox in 1992 to start the Blue Star Group. [4]
Watson and business partner Mark Hotchin bought Elders Finance in 1999. Elders, and a number of other finance companies, were brought together to create Hanover Group. [5] In July 2008 the finance companies within Hanover Group froze repayments, suspending acceptance of new deposits. [5]
Hanover paid dividends of NZ$41 million in the 2007 financial year and NZ$45.5 million in the 2008 financial year. [6] The following financial year, NZ$68.5m was contributed to Hanover by entities associated with Watson and Hotchin. [6]
In December 2009 Hanover Group debenture holders, note holders and bond holders voted in favour of swapping their debentures, notes and bonds for shares in Allied Farmers Limited (NZX: ALF). This transaction resulted in ALF assuming the net asset position of the Hanover Group finance companies. [7]
When Hanover collapsed, causing significant losses for many small investors, concerns were raised about Hanover group's true financial position, its solvency when paying dividends, transactions that may have benefited related parties, and the accuracy of asset valuations. [8]
Watson founded Cullen Investments in 1995 and is currently the executive chairman of the international private investment company. [9] The company has interests in the following sectors; fashion retail, financial services, agriculture, real estate and sports and entertainment. [10] The firm's primary focus is development of its international portfolio, which includes interests in the United States, United Kingdom, Australia and New Zealand. [10]
Through the firm, he owned Bendon Group. First launched in New Zealand, the company launched sales channels in Australia, US, UK, Europe and the UAE. The brand included ranges from Elle Macpherson [11] who helped launch the brand into the UK and Europe, [12] and Stella McCartney. [13]
Through the firm, he bought a 75% stake in the New Zealand Warriors in 2000, [14] which competes in the Australasian National Rugby League (NRL) and is New Zealand's largest and highest-profile privately owned sporting franchise. He later reduced his share to 50% while selling off the other half to New Zealand billionaire Owen Glenn. However, in 2015, he increased his share to 100% becoming the sole-owner of the 'Vodafone Warriors' franchise. [15]
The firm has an international property portfolio, including commercial assets and residential development, predominantly in New Zealand, the US and UK. [16]
The Watson Foundation is a charitable trust established by Cullen Investments to enrich the lives of underprivileged children and young people and assist with their needs, including care, support, protection, health and education. The foundation sponsored till about 2011 charities such as The First Tee of New Zealand. [17]
Cullen Investments and many associated NZ companies were placed into liquidation in late 2019 early 2020.
Watson is involved in a long-running legal dispute with Glenn. In connection with this case, in October 2020 Watson was sentenced to four months prison for contempt of court. [18] Liquidators were seeking $57 million from Eric Watson in 2023. [19] [20] [21] In July 2023, the liquidators instructed their solicitors to start bankruptcy proceedings against Eric Watson. [22] [23]
Watson Bloodstock had interests in a number of race horses, including winners of Group races such as:
The U.S. Securities and Exchange Commission in July 2021 charged Eric Watson and two others with insider trading in relation to Long Island Iced Tea Corp's announcement in December 2017 that it would change its name to Long Blockchain Corp. This change also reflected a change in its focus to blockchain from iced tea and lemonade. As a result its shares soared by nearly 400%. [24] [25] [26] [27]
He has one child, Sam Watson, from a relationship before his marriage to Nicky Watson. He was previously married to Nicola Watson, a model now known as Nicola Robinson. [28] He has three young sons by his Swedish partner, model Lisa Henrekson. [29]
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ANZ Bank New Zealand Limited is a New Zealand banking and financial services company, which operates as a subsidiary of Australia and New Zealand Banking Group Limited of Australia. ANZ is one of New Zealand's big four banks, and is the largest bank in New Zealand with approximately 30% of market share as of March 2021.
Mick Watson is an Australian businessman and the director of sports at Rangitoto College.
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Stanford International Bank was a bank based in the Caribbean, which operated from 1986 to 2009 when it went into receivership. It was an affiliate of the Stanford Financial Group and failed when its parent was seized by United States authorities in early 2009 as part of the investigation into Allen Stanford.
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Phillip Mills is a former track and field athlete and businessman from New Zealand. He is the founder and executive director of Les Mills International and a co-founder of Pure Advantage, a green business lobby group.
Mark Stephen Hotchin is a New Zealand former property developer and financier. He was a director of the failed Hanover Group which owned a number of finance companies including Hanover Finance, United Finance, Nationwide Finance and FAI Finance.
Kayla Malvina Johnson is a New Zealand netball player. As a high school student, Cullen played representative netball and basketball, and competed at a national level in athletics. In 2008, she was selected in the New Zealand U21 netball team, and was a member of the side that finished second at the 2009 World Youth Netball Championships, behind Australia.
The New Zealand Warriors 2012 season is the New Zealand Warriors 18th first-grade season. The club is competing in Australasia's National Rugby League. The coach of the team was Brian McClennan, until he was sacked on 21 August after Round 22, while Simon Mannering is the club's captain. Assistant Coach Tony Iro was appointed caretaker coach for the final two matches.
Sir Ronald Powell Carter is a retired New Zealand businessman.
Hanover Finance was a New Zealand non-bank finance company that focused on lending for high-risk property development that failed in 2010 under the leadership of Mark Hotchin. At the time of its failure it was the largest finance company in New Zealand. The Hanover Group also had interests in property and was responsible for developing Matarangi Beach Estates and golf course, and acquired completed lots at the Jacks Point property sub-division in Queenstown. The Group also had property and finance interests in Australia.
Between May 2006 and the end of 2012 there were sixty-seven finance company collapses in New Zealand; including companies entering into liquidation, receivership or moratoria. An inquiry by the New Zealand Parliament estimated losses at over $3 billion that affected between 150,000 and 200,000 depositors. The most high-profile collapses were South Canterbury Finance, Hanover Finance and Bridgecorp Holdings. The collapse radically reduced the size and importance of the non-bank finance sector in New Zealand. According to the Reserve Bank, at the height of financial expansion prior to the 2007 crisis, non-bank lenders had assets of about $25 billion and made up 8 percent of lending by financial institutions. By late 2013 the size of the finance sector was half its previous size and accounted for only 3 percent of institutional lending. In the years following the beginning of the collapses, sweeping legislative and regulatory changes were made, aimed at improving oversight and regulation of the finance industry.
Diligent Corporation, known as Diligent, is a software as a service company that enables groups to share and collaborate information for board meetings. Headquartered in New York City, and incorporated in Delaware, the company has offices in Galway, Ireland; London, UK; Washington, D.C.; Munich, Germany; Budapest, Hungary; Hong Kong; Bangalore, India; Sydney and Vancouver.
Long Blockchain Corp. is an American corporation based in Farmingdale, Long Island, New York. Its wholly owned subsidiary Long Island Brand Beverages, LLC produces ready-to-drink iced tea and lemonade under the "Long Island" brand. The company's first product was made available in 2011.
James Douglas Watson was a New Zealand biotechnologist and entrepreneur.
Damien Francis Smith is a former New Zealand politician. He was a Member of Parliament for ACT New Zealand from 2020 until 2023.
Bendon Group is a New Zealand lingerie, underwear and sleepwear company. It includes the women's brands Bendon, Me by Bendon, Pleasure State, Lovable and Hickory, the fuller cup size brand Fayreform, and the men's brands Bendon Man and Davenport.
