US Cinema Company Invests in Wellington

1 June 2011

Wellington City Council has welcomed the announcement by the global cinema, theatre and property business Reading International Inc (Reading) that it has relocated its global accounting team to the capital.

The move will create 17 new jobs and inject $1.5 million annually into the local economy. 

Wellington Mayor Celia-Wade Brown says Reading's investment underlines and provides a boost to Wellington's reputation as one of the world's best cities to live, work and do business.

"Reading's decision is a shot in the arm for the local economy and for the city's future," says the Mayor.

"It's important that we keep moving forward and tap into new industries and technologies so that we create real jobs that will define the city in the next 10 to 20 years. We need to think about being more than the political and cultural capital.''

The Council's Economic Portfolio Leader, Cr Jo Coughlan, says it is great that Reading International can see the benefits of having its global accounting team in the capital.

"This is a show of confidence in Wellington. On the world stage, Wellington is an efficient, cost effective place to do business," says Cr Coughlan.

"That and our wonderful lifestyle mean we are the perfect location for a range of global business operations.

"We need an aggressive strategy to attract and grow 10,000 jobs to Wellington, and this is a step in the right direction. These are world class jobs and real evidence that we can attract global businesses to co-locate and invest in Wellington." 

Reading's Los Angeles-based Chief Financial Officer, Andrzej Matyczynski, 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," says Mr Matyczynski.

"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."

Reading's head office will be based at the company's flagship Courtenay Central entertainment and retail complex in Courtenay Place. The company spent $1 million refurbishing the offices and upgrading IT systems.