15th June 2023
As the watershed meeting finally approaches and information regarding the future of our beloved ski fields has continued to emerge, we’d like to provide further clarity around our intentions for the future of Tūroa ski field.
Pure Tūroa Ltd is the company that has been chosen as the preferred bidder by PwC and MBIE for acquisition of the Tūroa Ski Field assets. We are confident Pure Tūroa Ltd’s acquisition will be confirmed at the watershed meeting on 20 June 2023.
If you are eligible to vote you will have already received a notice of the watershed meeting from PwC. You can vote online via the link in the email or return their attached form. Given the large number of RAL creditors and capacity limits at the meeting venues you are encouraged to vote remotely in advance of the meeting.
Voting against the DOCA and for liquidation supports the approved Pure Tūroa and Whakapapa Holdings bids to continue snow sports on Mt Ruapehu from 2023 into the future. The preferred bidders have been deemed by the administrators to represent the best outcome not only for creditors but also for the future of the ski fields, regional tourism, existing staff and the local economy. The New Zealand government will represent a 25% ownership of these new companies, so all New Zealanders will have ownership.
The DOCA represents one group’s wish to re-sell life passes to existing holders and return the company to the very same structure and practices that have led to the current insolvency. With the planned use of a speculative crowdfunding campaign to raise funds, it is hard for the vast majority of those involved to view this model as robust enough to withstand the challenges it will face. Their plan to manage Whakapapa and Tūroa together without acknowledging the different requirements of each side presents further financial and practical obstacles.
The Pure Tūroa Team will include almost all current Tūroa Staff. This will cause the minimum disruption to people’s lives and help us work toward a smooth and immediate start to the 2023 ski season. We will bring on a small number of individuals in key positions, including a highly experienced operations manager and general manager. Both have over 30 years experience in the industry.
After much consideration and financial advice Pure Tūroa have chosen not to offer a life pass product. We are dedicated to creating a long term, financially sustainable ski field operation able to develop and improve, as well as weather the challenges of variable seasons. We simply cannot see a way to achieve this while offering perpetual mountain access for a one time fee.
Pure Tūroa’s bid takes on significant deferred maintenance including a $4.3 million upgrade to current lifts this summer. Selling off future, predictable, yearly revenue reduces the investability of a company and would massively impede our ability to seek further investment to develop ski field operations in the future.
All other non secured creditors will be paid in full, with current life pass holders offered a flexible, multi year, 60% discount off the current regular season pass price for up to five seasons, with an additional year’s season pass added free of charge to anyone who bought a life pass from RAL in 2019.
Current life pass holders can choose to activate their new pass immediately for skiing in Winter 2023 or defer the start date of their multi year pass to the beginning of Winter 2024.
Pass pricing information can now be viewed on our website www.pureturoa.nz. This includes season passes and day passes.
We are a part of our local community and will continue to support local access to Tūroa. Local schools and those employed in the local area will be eligible for preferential prices on season passes, whether or not they are directly associated with the ski industry. Please contact us directly via the website for more information.
The future of snow sports in the North Island will be decided next week.
As a group of passionate skiers and snowboarders with years of dedication to Tūroa we hope you join us in building a future for this treasured maunga.
Thanks!
The Pure Tūroa Team