MD Quits On Gerry Harvey After Aquisition

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Gerry Harvey who earlier this month was calling for a 10% GST on Internet purchase, while moaning about the performance of his retail stores, has stumped up the money to buy out the 50% of the Magic Millions business he did not own from former BT Banker Rob Ferguson and Ad man John Singelton.

Gerry Harvey who earlier this month was calling for a 10% GST on Internet purchase, while moaning about the performance of his retail stores, has stumped up the money to buy out the 50% of the Magic Millions business he did not own from former BT Banker Rob Ferguson and Ad man John Singelton.

The horse sales business that runs the annual yearling sales event on Queenslands Gold Coast turned over $150 million last year with observers claiming that Harvey, will have to invest significantly in the business if he plans to increase “turnover”. 

 Following the announcement former Victoria Racing Club general manager of strategic marketing Stephen Silk, who only took over as managing director of the Magic Millions in August last year, resigned from his position.

”At a meeting held last night my family and I agreed to acquire the interests of John Singleton and Rob Ferguson, to own 100 per cent of Magic Millions, for an undisclosed figure,” Harvey said in a press release.

”As a result of this development, Dr Stephen Silk has resigned from his position as managing director of Magic Millions effective immediately. David Chester will act as interim managing director.”

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