Wellington has strengthened its international reputation as a film industry hub with the announcement by the global cinema, theatre and property business Reading International Inc. (Reading) that it has relocated its global accounting team to Wellington and created 17 new jobs in the process.
Visiting Wellington to welcome his new team, Andrzej Matyczynski, Reading’s Los Angeles-based Chief Financial Officer, says New Zealand provided compelling reasons for the move.
“We’re always looking at ways of creating efficiencies, and consolidating our global accounting function in New Zealand stacks up on a number of levels.
“The key things for us are that, compared with our other markets in Australia and the United States, wage costs in New Zealand are very competitive, the currency is favourable, and you have a very stable labour market with skilled finance workers.”
In addition, Mr Matyczynski said that as New Zealand financial reporting conforms to International Financial Reporting Standards, which are similar to the US Generally Accepted Accounting Principles, only a limited training period will be required for the new team.
Reading’s investment in Wellington was welcomed by Employers’ Chamber of Commerce Central region Chief Executive, Ken Harris.
“Wellington has gained world recognition as a hub for the service and entertainment industries,” says Harris. “When a great organisation like Reading invests in our economy, it reinforces the financial and operational advantages the city offers, and we will continue to promote a friendly business environment to encourage more international enterprises to follow suit.”
The team is based in offices at the company’s flagship Courtenay Central entertainment and retail complex in Courtney Place. After spending $1 million refurbishing the offices and upgrading IT systems, Reading says the Wellington economy will benefit from the injection of new wages to the tune of $1.5 million annually.
In New Zealand Reading owns cinema and property assets. It operates 11 cinemas under the Reading and Rialto brands, with a total of 60 screens. Locations include Auckland, Porirua, Wellington, Rotorua, Napier, Hastings, Christchurch, Queenstown and Invercargill. The company plans to add new screens and cinemas as opportunities arise. Other assets include Taupo’s Sails Motor Lodge and property holdings in Manukau.