Business News May 2018

After 10 years as a partner in Aveling Homes, Walter Zorzi has sold his share in the business and stepped down as one of the company’s directors.
Since Aveling Homes' inception in 2008 it has had two owners each with a 50 per cent share in the business; Michael Aveling and Mercedes Developments Pty Ltd, of which Mr Zorzi is managing director.
In March this year Mr Aveling acquired Mercedes Developments’ 50 per cent share for an undisclosed sum. As Mr Zorzi was Mercedes Developments’ director on the Aveling Homes board, he has stepped down following the sale of his shareholding.
According to documents sourced from the Australian Securities and Investments Commission Walter Zorzi ceased his position as company director on March 23.  Aveling Homes told Business News the terms of sale remained confidential and that Mr Aveling was now the sole director of Aveling Homes.

Aveling Homes chief executive Michael Aveling said after a very successful partnership lasting 10 years, the time was right for him to take full control of the business.

“As Zorzi was never involved in the operational side of the business, the change in ownership has had no impact on our operations,” Mr Aveling told Business News.
“I am very appreciative of the contribution that Walter Zorzi has made to the Aveling Homesbusiness and brand, which has been an exceptional investment for them.”

Business News reached out to Walter Zorzi, with a spokesperson saying he preferred not to comment due to confidentiality.