Facing competition from state-owned New Zealand Post and Trade Me, Yellow Pages Group will spend $8 million a year to strengthen its sales force and create around 100 jobs.Earlier this month the debt-strapped company was pulled from sale saying "stak
Facing competition from state-owned New Zealand Post and Trade Me, Yellow Pages Group will spend $8 million a year to strengthen its sales force and create around 100 jobs.
Earlier this month the debt-strapped company was pulled from sale saying "stakeholders' expectations of value (are) unlikely to be met in the market for now".
The group's banking syndicate said it would look to complete plans to restructure the group debt of more than $1.7 billion and intended to take a long term view as owners of the business.
Yellow Pages was bought by Hong Kong-based Unitas Capital and Canada's Ontario Teachers' Pension Plan from Telecom for $2.24 billion in March 2007.
Seventy-nine new staff members have already begun work with the full 100 expected to be working by the end of the year.
NZ Post announced last week it was setting up a new service in Auckland which it billed as a first port of call for anyone wanting to find information on businesses, services and community events within their local area.
The new venture, called Localist, is chaired by former Kiwibank chief executive Sam Knowles.
