Speaker 1: Gotta Koto. Welcome to Shared Lunch. I'm Garth Gray here
Speaker 1: in Morningside in Auckland at the headquarters of the Brisco
Speaker 1: Group that's Brisco's and Rebel Sport Homewares and Sportswear, a
Speaker 1: retail powerhouse. And at the head Rod Duke, a man
Speaker 1: who's been running retail for thirty five years. What are
Speaker 1: the challenges he sees ahead? Are we going to make
Speaker 1: a recovery from this cost of living crisis? And what
Speaker 1: opportunities has he been able to ring from the trade
Speaker 1: war between the US and China. How does he see
Speaker 1: the future coming? Will lie ahead inside to find out.
Speaker 1: Here's some important info you should always keep in mind.
Speaker 2: Investing involves the risk you might lose the money you
Speaker 2: start with. We recommend talking to a licensed financial advisor.
Speaker 2: We also recommend reading product disclosure documents before deciding to invest.
Speaker 2: Everything you're about to see and here is current at the.
Speaker 3: Time of recording.
Speaker 1: First, thanks for inviting us here today. I mean, I
Speaker 1: know you are all about the deal, knowing what the
Speaker 1: customer wants, and so in that view, we've asked some
Speaker 1: of our customers, some of our listeners, some of the
Speaker 1: people that tune into the podcast regularly what they would
Speaker 1: like to ask you, And I've got a couple of
Speaker 1: those questions right here. What's the key indicator of how
Speaker 1: the economy is related to retail? Like, as there are
Speaker 1: a product somewhere on the shelves where when that goes nuts,
Speaker 1: you go things are doing well.
Speaker 3: No, there's probably not a product, but there's probably a
Speaker 3: number of product categories, not one particular. And look, our
Speaker 3: summary of whether or not the economy's buoyant or poor
Speaker 3: is the propensity of people to shop. If they tighten up,
Speaker 3: don't want to shop, there's nothing they want to buy.
Speaker 3: You know you're in trouble.
Speaker 1: So how have you been able to deal with competition
Speaker 1: while also staying true to your core values.
Speaker 3: Look, I think you're going to go all the way
Speaker 3: back to nineteen eighty eight when we sat down and
Speaker 3: we were a quasi seller of toys hardware merchants. I
Speaker 3: sat down then with the key people in the business
Speaker 3: and said, look, the position that we find ourselves in
Speaker 3: right now is unsustainable. There's terrific hardware merchants out there
Speaker 3: selling hardware. The toy business that we're in, which is
Speaker 3: a thirty day business and so we had a look
Speaker 3: at the landscape and figured out which piece of that
Speaker 3: retail landscape we could occupy, dominate and defend. And the
Speaker 3: piece that we found that was vacant was really good
Speaker 3: quality product, really good price. And so we thought, okay,
Speaker 3: let's go out there and get all the famous brand
Speaker 3: names in the categories that we want to operate in,
Speaker 3: and that's what we'll sell. Because look, at the end
Speaker 3: of the day, the rich and middle income folks always buy,
Speaker 3: you know, real good quality product. So that was the
Speaker 3: core of where we thought we ought to sit. We
Speaker 3: believe we could defend that position, and here eight years on,
Speaker 3: we've managed to do it. And we've done it. We're
Speaker 3: now with two brands with two different categories of merchandise
Speaker 3: and two different brands of stores.
Speaker 1: Home, whar and sports where Yeah yeah, yeah. So is
Speaker 1: there a secret to success in the business in this economy?
Speaker 3: I think if you're predictable, I think if you're trustworthy,
Speaker 3: and I think if you're very, very community located so
Speaker 3: people don't have to go to great lengths to shop
Speaker 3: with you, that's probably a pretty good start. I would
Speaker 3: have thought.
Speaker 1: I tuned into your AGM. I heard a great quote.
Speaker 1: I just want to share with everybody. Retail is like
Speaker 1: crossing a tightrope, juggling flaming tortures while riding a Uni cycle.
Speaker 1: That was your chief financial officer, wasn't it?
Speaker 3: And bang on it was? Yeah?
Speaker 1: Did he get that from you?
Speaker 3: No? No, No, regrettably it is good it.
Speaker 1: I was sort of struck by that. I mean, he's
Speaker 1: talking about I think, if I understand it right, the
Speaker 1: dilemma of trying to sell as much as you can
Speaker 1: but also make as much as you can from it.
Speaker 1: And when I sort of looked, you've had to pull
Speaker 1: your gross profit back how much you're making of this
Speaker 1: by about I think it was about turn the basis
Speaker 1: points about two percent down to about forty percent, just
Speaker 1: in order to keep the sales flat last year. Tell
Speaker 1: me about that typewrote walk. How do you make those
Speaker 1: sorts of decisions?
Speaker 3: It all starts with being able to buy the right
Speaker 3: merchandise and buy it at the right price. If you
Speaker 3: do that, then you've got to build of leeway to
Speaker 3: compensate for some of these poor times that come around
Speaker 3: from time to time, and sometimes these poor times last
Speaker 3: weeks and sometimes months, sometimes the season. They very rarely
Speaker 3: last for the period they've lasted this time, and so
Speaker 3: you know when people are resisting spending money and shopping,
Speaker 3: you know there's always a proportion that will. So it's
Speaker 3: really important that you're able in some way to get
Speaker 3: a bigger chunk. It's been like a day fishing. If
Speaker 3: the fish and are feeding, sometimes you got to change
Speaker 3: your bait, and sometimes you got to change your possession.
Speaker 3: Sometimes you're going to change things up to get a
Speaker 3: good chunk of those that are shopping. And so that's
Speaker 3: the skill I think that's embedded here.
Speaker 1: The world's are washed with all of this news about
Speaker 1: tariffs and so on. I read that pretty much hot
Speaker 1: off the back of the Liberation Day and all that
Speaker 1: kind of thing. You had your entire buying team up
Speaker 1: in China for a couple of weeks.
Speaker 3: What did they see? What did they tell you? They
Speaker 3: saw some panic stricken factories because as you imagine, a
Speaker 3: good chunk of what's made in China goes to the
Speaker 3: United States, and so the American suppliers were simply saying,
Speaker 3: do not ship. I'm not paying one hundred and forty
Speaker 3: five percent tariff when it lands on the dock, so
Speaker 3: don't ship it because I won't be paying for it.
Speaker 3: And so you've got factories in China sitting on mountains
Speaker 3: of stock, not knowing when they're going to ship the
Speaker 3: next consignment. And at the same time, we're saying, I'm
Speaker 3: here with a bag full of cash, and I want
Speaker 3: to take it now, but I want a better price, right, so.
Speaker 1: There were a few bargains to be had when you
Speaker 1: went shopping, your team went shopping. We'll see that turning up.
Speaker 3: Yeah. Sure.
Speaker 1: Does that then mean you pass that on or are
Speaker 1: you using that as a hedge against uncertainty or you're
Speaker 1: just looking at whatever the conditions are at the time
Speaker 1: when the stuff arrives.
Speaker 3: A bit of all that. We have a particular style
Speaker 3: or grade of product that we buy, and there's other
Speaker 3: folks in the market who buy a lower grade, and
Speaker 3: other folks that buy a very very very low grade.
Speaker 3: So we don't always always buy exactly the same merchandise,
Speaker 3: and so it largely depends for us anyway, It largely
Speaker 3: depends on the on the strength of the competitor set
Speaker 3: that determines, you know, what, what you're able to, what
Speaker 3: you're able to sell at.
Speaker 1: It sounds like we need to talk about competition, but
Speaker 1: I wanted to stay in China for a little bit
Speaker 1: longer because I mean, were they waiting where they're ready
Speaker 1: to do deals straight away to get it done, or
Speaker 1: were they going hang on, We'll just wait and see
Speaker 1: how this train Chinese.
Speaker 3: Chinese want the order right now. They want to ship
Speaker 3: right now. We'll take the orders, take the LC okay,
Speaker 3: and then ship when we request. But they want firm
Speaker 3: commitments now, and if you're able to get firm commitments,
Speaker 3: they'll deal.
Speaker 1: So if we've just seen in the last little while,
Speaker 1: they've struck a deal for a pause. Now after sort
Speaker 1: of six weeks of kind of chaos and uncertainty, a
Speaker 1: different kind of uncertainty, now there's a ninety day pause
Speaker 1: and China and the US have agreed to sort of
Speaker 1: suspend the worst of some of those tariffs. Does that
Speaker 1: mean they just snap back to supplying the US and
Speaker 1: you miss out on the next round of deals or
Speaker 1: what happens.
Speaker 3: Well, look, at the end of the day, they've reduced it,
Speaker 3: and Trump to reduce it from one hundred and forty
Speaker 3: out of thirty percent, thirty percent still kills it. So
Speaker 3: thirty percent is still a bad deal. One hundred and
Speaker 3: forty five percent. They close the gates. Not the gates,
Speaker 3: it's count your business. So thirty percent is still bad.
Speaker 3: Now there'll be some merchandise in some categories. You know
Speaker 3: that the American suppliers will go. Look for the sake,
Speaker 3: the toys might be one. Toys have got to be
Speaker 3: shipped pretty soon to get there for Christmas. You can
Speaker 3: have all the toys in the world at at whatever
Speaker 3: price you like, but they land in January February, they
Speaker 3: don't sell because that business is a thirty day business.
Speaker 3: So toys might be one where the supplies go thirty percent. Look,
Speaker 3: just give it, ship it, I'll worry about I'll worry
Speaker 3: about the pricing later.
Speaker 1: So this thing has given a sort of a longer
Speaker 1: term opportunity for a business like the Brisco Group to
Speaker 1: get in there and achieve those lower costs of input,
Speaker 1: the lower costs of the product that you're bringing in.
Speaker 3: Yeah, remember the priuce reductions we've got in the order
Speaker 3: of one hundred basis points better than perhaps prior periods
Speaker 3: fifteen percent. So it's not huge price reductions, but they're
Speaker 3: significant enough to compensate for you know, PEPs current fluctuations.
Speaker 1: I was just going to get to that. Obviously, the
Speaker 1: dollar has been pretty pretty strong, the US dollar, don't
Speaker 1: kis pretty weak against it. That must have been really
Speaker 1: hurting your buying ability if you're settling in dollars.
Speaker 3: How exclusive buying currency is yours dollars and I think
Speaker 3: eighteen months ago it was about seventy three cents. Last
Speaker 3: week it was fifty nine sixty, and now it's fifty
Speaker 3: eight fifty, so it's still well below the seventy three cents.
Speaker 3: So some would argue if you get ten or fifteen
Speaker 3: percent or twenty percent discount off last year's product, last
Speaker 3: year's similar product, so you're getting a twenty percent discount,
Speaker 3: you know, fifteen percent of that has gone and gone
Speaker 3: in currency, so there's not a lot of change left over.
Speaker 1: The economy takes with one hand and gives with the
Speaker 1: other kind of things, so you've just got to try
Speaker 1: and see it over the middle, right, how's their own
Speaker 1: government you think rolling with these punches in terms of
Speaker 1: how it's responding. Do you see any anything in the
Speaker 1: air that helps it all or is there anything that
Speaker 1: can do it?
Speaker 3: The government that's in paw Are now has I think
Speaker 3: got a different set of issues. This tariff thing is interesting.
Speaker 3: But I was reading the Financial Review this morning. A
Speaker 3: lot of the Australians now are trying to just pretend
Speaker 3: Trump's not there. I don't really want to talk to
Speaker 3: you right now. I'm happy with the ten percent. Leave
Speaker 3: me alone. I'll keep dealing business with China because they
Speaker 3: they're exports of China something like two hundred and twenty
Speaker 3: billion into the United States and thirty seven so they
Speaker 3: really don't want to get into their conversation. They'd rather
Speaker 3: just hide it in a corner than just leave it
Speaker 3: at ten percent. We're probably in a similar position, I imagine.
Speaker 3: I don't imagine that our exports in the United States
Speaker 3: come anywhere near our imports from China, and so in
Speaker 3: terms of balance of trade, We're probably pretty happy to
Speaker 3: sit in the corner and cop the ten percent and
Speaker 3: stay out of Trump's sight lines, I imagine. But don't
Speaker 3: look at the goverment itself. It's got a whole bunch
Speaker 3: of other issues they've got to contend with. They've got
Speaker 3: pretty poor book they walked into. You know, it looks
Speaker 3: like we've got to pay nine billion dollars a year
Speaker 3: just to pay the interest bill on some of the
Speaker 3: some of the borrowings the previous government did.
Speaker 1: But it's a company that was a group that isn't
Speaker 1: largely encumbered by debt. I mean, you're pretty well cashed,
Speaker 1: aren't you any lending all credit facilities of the projects, right,
Speaker 1: so you've managed to stay out of that.
Speaker 3: Yeah, you're right, But we've always been a bit like that.
Speaker 1: I think it was one hundred and forty million or
Speaker 1: something in the bank.
Speaker 3: Yeah, yeah, but traditionally we don't borrow borrow money. I'd
Speaker 3: much rather save a bit and then pay cash for something,
Speaker 3: or like this, this new warehouse facility.
Speaker 1: You're looking at spending what one hundred million or something
Speaker 1: over the next couple of three years, forty million just
Speaker 1: this year to build a warehouse, Yeah, with distribution center.
Speaker 3: Yeah, you're right, it's going to do both. We made
Speaker 3: the decision we buy it. We want to own it.
Speaker 3: If I want to rent it, then someone else will
Speaker 3: be paying that. But I'll be paying two or three
Speaker 3: or four million dollars a year in rent. I've got
Speaker 3: pretty much the cash there, so we thought we're buy it.
Speaker 3: It's a strategic asset that's going to be very very
Speaker 3: valuable to us for decades to come. It's going to
Speaker 3: produce a lot of incremental profit for the group after
Speaker 3: this investment, and so we thought it was important that
Speaker 3: we owned it and ran it ourselves. And because we've
Speaker 3: been thrifty in the past, our borrowings to pay for
Speaker 3: it are going to be negligible.
Speaker 1: So you're also, I understand looking at going smaller little box.
Speaker 1: It's not big ones, right, those are the mini or
Speaker 1: the metro concept that's been talked about at your AGM. Yeah,
Speaker 1: fifteen new stores, but smaller ones? Where are they going
Speaker 1: to be? Why do that? And I suppose if I
Speaker 1: can bombard you with questions, Yeah, what were you thinking
Speaker 1: before you made that decision? What made you think?
Speaker 3: Yep, we'll go with this. We sit down periodically and
Speaker 3: do a three year review of We sit there and go, okay, look,
Speaker 3: what do we have to do the next year or two? Okay,
Speaker 3: that makes perfect sense, and then three to four years
Speaker 3: out a bit of blue sky stuff, what might be
Speaker 3: interesting to evaluate, to experiment with, just to toy around
Speaker 3: with and see whether or not of works because it
Speaker 3: smells like a good idea. That's where this smaller unit
Speaker 3: came from and so yes, we've got the strategic stuff
Speaker 3: like the DC blah blah blah all the way out.
Speaker 3: And now we look at Briscoes and Rebel Metros or Minis,
Speaker 3: their little stores in little catchments and so whilst it
Speaker 3: is you know, schedule all being well to be established
Speaker 3: in f I twenty eight, you know, we're starting to
Speaker 3: do a lot of the work now. What we what
Speaker 3: we've got right now is about around about one hundred
Speaker 3: stores in both brands, total brands, in every catchment that's
Speaker 3: got twenty thousand or less permanent residents. I think our
Speaker 3: smallest is about Taupo and they've got about twenty twenty
Speaker 3: twenty three permanent residents. But there's a lot of other
Speaker 3: spots around New Zealand where we think it would be
Speaker 3: uneconomic to put a full line Briscoes and Rebel in there.
Speaker 3: You know, about three thousand square meters one hundred car parks.
Speaker 3: You know, that's that's chunky. But at the same time
Speaker 3: there's there's catchments like Hamilton and Toweronga for example, in
Speaker 3: Twong and most of our competitors's got three or four stores.
Speaker 3: I've got one, okay, And there's development going over the
Speaker 3: bridge at Papamha and it's going to the other side
Speaker 3: at Bethlehem Way. So we want to experiment and see
Speaker 3: whether or not it would be worthwhile either planning a
Speaker 3: larger store later or slap in a couple of minis
Speaker 3: right now. So that that's Taroga Hamilton for example, almost
Speaker 3: all the shopping is done on the north side. People
Speaker 3: don't all the people don't live on the north side.
Speaker 3: People live on the southwest and east. So would it
Speaker 3: be interesting to have a look at the store in
Speaker 3: those catchments. Yeah, we think it'd be pretty interesting to
Speaker 3: have a look at that. Hamilton's not a small catchment.
Speaker 1: So this sounds a bit more of your occupy, dominate
Speaker 1: and defend your building a few outposts around your fortress.
Speaker 3: Well yeah, building a wall, perhaps not a wall, but
Speaker 3: we're putting little forts in different spots. Live in Gore.
Speaker 3: What now, They're probably not quite big enough for a
Speaker 3: full life in store for us, But would it support
Speaker 3: a smaller version of our two brands. Probably, So we're
Speaker 3: going to have a look at it.
Speaker 1: So who are you competing with at that level? Because
Speaker 1: I would have thought stacks of people are shopping in
Speaker 1: those places online. They just get it comes off the courier.
Speaker 1: That's the ship that two ships through, right.
Speaker 3: But how much do you miss? How much do you miss?
Speaker 3: We record we're doing pretty well online and it's less
Speaker 3: than twenty percent of my total volume, less than twenty
Speaker 3: percent nineteen point seven, up from eighteen point seven last year.
Speaker 3: And I'm near the top of the tree. I'm going
Speaker 3: real well. So there's eighty percent not shopping there. And
Speaker 3: I'd suggest to you that perhaps twenty percent of the
Speaker 3: twenty percent are shopping because they're nowhere near it, so
Speaker 3: they have to. So the proportions in the overall are
Speaker 3: relatively small. Okay, that wouldn't stop someone buying if they
Speaker 3: didn't live and live in they lived outside of it,
Speaker 3: buying it and using it as a click and collect place.
Speaker 1: Who are you looking at when you're competing with because
Speaker 1: I guess if you if you're looking at where people
Speaker 1: shop now, it's all over the place. People might jump
Speaker 1: on and jump on TIMU or something and get something
Speaker 1: extremely cheap and run through and that kind of thing.
Speaker 1: Are you worried about them? Are you worried about Ikea
Speaker 1: who are tuning up in this country later on this year?
Speaker 3: Or sports Direct I think they. I think the Teamurs
Speaker 3: and the Shines and those folks operate at a different
Speaker 3: end of the market that I operate in. They do
Speaker 3: meet other competitors in this country, but they don't meet me.
Speaker 3: But I'm more focused on the the Costcos and the
Speaker 3: IKEA's and other people. You mentioned sports Direct, because.
Speaker 1: They're looking at moving into this part of the world,
Speaker 1: aren't they. How Normally when a competitor turns up new entrant,
Speaker 1: they throw a lot of money around to try and
Speaker 1: draw custom. That's got to be something you have to
Speaker 1: chew on and show people.
Speaker 3: Sure, but we've got people in their stores already. I
Speaker 3: know how they operate, I know what they sell, i
Speaker 3: know the propositions. I've got a lot of stores, and
Speaker 3: I've got a lot of stores right next door the
Speaker 3: stores where they think they're going to put foot jobs.
Speaker 3: It's fine, I've got to lift my game. People. People
Speaker 3: will go to these places and experiment with them. I
Speaker 3: want people to go there and experiment a service level
Speaker 3: or quality of service that is lower than mine, to
Speaker 3: have a look at a range of product it's not
Speaker 3: even nearest significant as mine. To go into an environment
Speaker 3: that's not as comfortable as my environments. So does that
Speaker 3: mean I have to lift my game in some centers
Speaker 3: and in some brands. Yeah, it's okay, I'll do it.
Speaker 1: Sounds like you're relishing the challenge.
Speaker 3: You can't avoid it, mate, It's going to happen when
Speaker 3: you're when you're on a really really really good plot,
Speaker 3: you're doing it well and you're exit cueuting wonderfully. There's
Speaker 3: always someone sitting outside the bar bier a fence thinking, oh,
Speaker 3: I wouldn't want a bit of that. I wouldn't that.
Speaker 3: I might have a crack at that. So is he?
Speaker 3: Is he that clever?
Speaker 1: Hmm?
Speaker 3: I have a crack. Wasn't that long ago that that
Speaker 3: Rebel Sport Australia brought over one of their concepts called
Speaker 3: DFS no not DFS Boating Fishing cam bcf okay, set
Speaker 3: up eight stores, lasted eighteen months, cost him forty five million,
Speaker 3: and then went back home.
Speaker 1: You saw that as as seeing them off from the gate.
Speaker 3: Digit it's fine, that's okay. Look, I'm looking at doing
Speaker 3: the same in Australia. I want to set up a
Speaker 3: brand or buy a brand over there and compete over there.
Speaker 3: I want to do that.
Speaker 1: You've still got a lot of energy. And I guess
Speaker 1: that comes back to the question that one of our
Speaker 1: listeners and viewers had asked there, what keeps you going?
Speaker 1: No sign of your stopping? I mean, is it the
Speaker 1: love for the business generally? Is it the need to occupy, dominate,
Speaker 1: and defend.
Speaker 3: Maybe some of that, maybe all of that, maybe none
Speaker 3: of that. I don't know. I've been in the retail
Speaker 3: business since I was sixteen. I just happened to love
Speaker 3: the concept of buying something, selling something, buying plenty, selling plenty,
Speaker 3: having plenty of stores, having plenty of customers. I just
Speaker 3: happen to like the idea. I think with this business
Speaker 3: over here, it is a lot of fun. You know,
Speaker 3: it's a lot of fun building, you know, something from
Speaker 3: pretty much nothing into an organization that's really really, really
Speaker 3: well respected and successful. And it's hard to give away
Speaker 3: something or move away from something. For me anyway, if
Speaker 3: you gave birth to it, you know, it's hard. And look,
Speaker 3: I can I have to tell you I'm in a really, really,
Speaker 3: really fortunate position at the moment. I've got about three
Speaker 3: or four really really key people who have been here
Speaker 3: for a very long time, who are very, very, very
Speaker 3: clever and I'll tell you now, I don't get down
Speaker 3: there amongst the weeds as much as I used to, well,
Speaker 3: because it's not my job anymore. My job is. My
Speaker 3: job is to is the mentor, is to guide, to assist,
Speaker 3: to encourage, to do. I step into the weeds from
Speaker 3: time to time, absolutely, yeah, But I try to be
Speaker 3: a different sort of manager these days than I was
Speaker 3: because I'm not going to be here for a very,
Speaker 3: very lot longer, you know. But I'm very healthy, but
Speaker 3: I'm not going to be here a lot longer. You know,
Speaker 3: I'm past the halfway mark. I'll concede you that, okay,
Speaker 3: And so this is my legacy. I don't want this
Speaker 3: business to fail just because I go. You know, that'd
Speaker 3: be a slight on me. That'd be well, didn't you
Speaker 3: didn't do your job particularly well. You didn't train these
Speaker 3: people particularly well. You didn't encourage them enough, you didn't
Speaker 3: set the platform for success for them. That's not what
Speaker 3: I want to do. So look, the short answer is
Speaker 3: I'm still having some fun. I can still play golf
Speaker 3: when I want to. My body can't take the games
Speaker 3: of golf that it used to, so so my expectation
Speaker 3: for games out on the course a lot as high
Speaker 3: as they used to be.
Speaker 1: But in here you're still very competitive.
Speaker 3: Look well, you know, look I'm still full on I
Speaker 3: don't I like to win every battle. I like to
Speaker 3: buy at the best price. I like to sell at
Speaker 3: the best price. I like the best quality people around.
Speaker 3: When we sit down and we look at strategically, where
Speaker 3: we want to be, when we want to be there,
Speaker 3: what we want to achieve it, you've got to succeed
Speaker 3: at that. You know. There's plenty of graveyards, corporate graveyards
Speaker 3: where you know, the business was good, but management just
Speaker 3: couldn't execute on change strategies. They couldn't execute. I think
Speaker 3: we can and we've demonstrated that. Look, in a couple
Speaker 3: of years, we would have invested one hundred, one hundred
Speaker 3: and twenty million dollars in a DC. It will produce
Speaker 3: substantial sales and margin gains. It'll it'll deliver a better
Speaker 3: quality service to our customers. You know, if I can
Speaker 3: do that, and I can execute on that, and we
Speaker 3: think we can, then that'll be another giant hurdle you
Speaker 3: know that we've conquered, and then the runway from there,
Speaker 3: you know, is made. You know, significantly easier.
Speaker 1: You're off that typewrote with the juggling torches and the
Speaker 1: unicycle you're onto. I think it was your CFO said,
Speaker 1: a well paved road.
Speaker 3: Well, we think so beyond that. But look, they will
Speaker 3: be there'll be other potholes and there'll be other type
Speaker 3: ropes that you've got to get on. You know, this business,
Speaker 3: this business, you know, is always there's always change.
Speaker 1: You know, it's never what doesn't change constant, what doesn't change?
Speaker 1: As you own seventy seven percent of it, Yeah, with
Speaker 1: such a majority, what is the point of being listed?
Speaker 3: Well, the point in the beginning was that I could
Speaker 3: expand this business very very quickly, and I Rebel Sport
Speaker 3: may not have come along if we hadn't add access
Speaker 3: to you know, to funds. You know, if you, if you,
Speaker 3: if you, if you're listening, you're successful at it. It's
Speaker 3: a pretty good road. You know, very shortly, within weeks,
Speaker 3: we may very well be invited to go into the
Speaker 3: inns the next top fifty top fifty companies. You know
Speaker 3: now that that brings another different set of rewards where
Speaker 3: you know, institutions who follow have to get on board.
Speaker 1: That it's a big moment for a year. If that
Speaker 1: comes to pass.
Speaker 3: Well, you think back to where we were. You know,
Speaker 3: well they've been shops doing twenty minute and losing two
Speaker 3: million in a year. Didn't know where we wanted to be.
Speaker 3: We're selling just rats and mice. And now it's a
Speaker 3: very very very very different group now quite different.
Speaker 1: So the idea that governments just sort of reduced some
Speaker 1: of the requirements for capital listings, made it a little
Speaker 1: bit easier, a little bit cheaper.
Speaker 3: Good work here, can I think so? I think so
Speaker 3: that Look, that's that's the government's job. The government's job
Speaker 3: is not to not to hand out stuff everywhere and
Speaker 3: then people get hold of it and they spend it.
Speaker 3: They either pay it back or don't pay it back.
Speaker 3: Government's job is to make life and business and living easier,
Speaker 3: you know than it was yesterday.
Speaker 1: So they can go shopping.
Speaker 3: Shopping, well, build a road, build a bridge, you know,
Speaker 3: get some infrastructure, just get people in work.
Speaker 1: So you're not expecting a lot from budget day. You're
Speaker 1: just hoping that they try and stay out of the
Speaker 1: way a little bit.
Speaker 3: Well, I think I think all of us can expect
Speaker 3: and should expect, you know, some real thought about what
Speaker 3: the next year or two might look like or even
Speaker 3: beyond that and fix some of the issues. Well, we
Speaker 3: have to tighten our belts. Look, it's like a household,
Speaker 3: you know. If mum and dad just go crazy and
Speaker 3: just spend spend, someone's got to pay it back. But
Speaker 3: how long has that taken, how painful it will be.
Speaker 3: We'll find out pretty soon, won't we.
Speaker 1: And you're so here looking for it.
Speaker 3: I'll be looking for it. Yes.
Speaker 1: Thank you, Roger, thanks for having us here at Briscoe's headquarters,
Speaker 1: and thank you for watching and for listening, whether it's
Speaker 1: on YouTube or iHeart or Spotify or Apple wherever you
Speaker 1: get your podcasts, even straight off the year. He's app
Speaker 1: Couma two. That's us for this week.
Speaker 3: M hmm.