Mitre 10 has snaffled another prized South Australian name with family-owned Banner Hardware joining forces with the independent retailer. Source: Adelaide Now
The company will gradually rebrand its six retail stores, two frame and truss plants, distribution centre and Home Select showroom to Banner Mitre 10 during the next 12 months.
This latest coup gives the national Mitre 10 group a boost in its expansion plans for the state.
Under the agreement, the Evins family, who own Banner, would continue to run operations and all 240 staff would be retained.
Banner Mitre 10 managing director Matt Evins said the decision created a strategic alliance to join a branded national buying group while remaining independent.
The Evins family started Banner Hardware in 1979. It currently has more than 18,000 members in its customer loyalty program. It supplies more than 3000 individual builders and small to medium-sized building companies across the state.
“The alliance also forms part of Banner’s longer-term strategy, giving us greater leverage to expand our network of retail stores as we actively look for new sites,” Evins said.
The SA Business Journal recently reported several Woolworths-supplied Home Timber and Hardware stores in Adelaide had also switched allegiances to Mitre 10.
Insiders reported concerns about the retail giant buying its own Home stores, along with plans to launch the Woolworths and American retailer Lowe’s joint venture Masters hardware stores throughout the state.
Banner has an established store in Mt Gambier, where the first Masters store in South Australia has opened.
Mitre 10 has been lifting its profile nationally after Metcash, which is also behind the IGA and Foodland brands, took on 100% ownership last year.
Mitre 10 chief executive officer Mark Laidlaw said the new Banner alliance was part of the group’s national expansion plans.
“This partnership with Banner Hardware will allow Mitre 10 to increase our presence in South Australia,” Laidlaw said. “It will provide an important platform for future growth,” he added.
