2 Jun 2011

Cinema chain to move accounting centre to NZ

8:09 am on 2 June 2011

International cinema chain Reading International has announced plans to move its global accounting team to Wellington.

The company's accounting teams have been based in Australia and the United States.

The move is expected to create 17 jobs in New Zealand and generate wages of $1.5 million a year.

Reading says New Zealand wage costs are very competitive, the currency is favourable and the labour market is stable with skilled finance workers.

US-based chief financial officer Andrzej Matyczynski expects the move to save the company $US250,000 a year.

The accounting centre should be operational in July.

Reading International, which is also involved in real estate development, generates 11% of its revenue from New Zealand, 41% from Australia, and 48% from the United States.