Decision Summary - Craddock (Richard Merry Anthony) of United Kingdom

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicants have business experience and acumen relevant to and are demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the Applicants are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

Background:
The Applicant is a British citizen who currently lives in England. The principle business activities of Mr Craddock are bloodstock breeding and bloodstock consulting. Mr Craddock owned and operated the largest bloodstock advertising agency in Europe, Craddock Advertising/Hyperion Promotions Limited. Mr Craddock has obtained his Long term Business Visa which has been granted upon the basis that his business will be established and operated in New Zealand.

Outline of Proposed Investment:
Mr Craddock is looking to establish an internationally recognised horse breeding and marketing consultancy business in New Zealand to run alongside a boutique horse breeding operation. Mr Craddock considers that there is a niche within the horse breeding industry in New Zealand, for specialist advertising, marketing and consultancy services. Mr Craddock intends to reside in New Zealand indefinitely.

Rationale for Proposed Investment:
Mr Craddock intends to purchase the land and the adjoining land (refer Application No.200720039) for use as a boutique bloodstock breeding programme and as a base for a bloodstock consultancy business. The land is ideally situated for this, being located in Matamata and in close proximity to New Zealand Bloodstock's Karaka Sales Centre.