page_title: Mitre 10
section_title: History
hierarchical_section_title: Mitre 10 / History
caption_attribution_description: English: Dubbo Mitre 10
context_page_description: Mitre 10 is an Australian retail and trade hardware store chain. Operations are based on a cooperative system, where the store owners are members of the national group and each has voting rights. The chain name references the mitre joint. There are over 400 "Mitre 10" and its associated "True Value Hardware" franchises throughout Australia.
context_section_description: The move to set up a co-operative group of hardware stores originated from a meeting of seven men who would become Mitre 10's founders – Tom Molomby, Tom Danaher, Reg Buchanan, Jack Womersley, Ian Nisbet, Bill Davey and Bill Wilson – held at Buchanan's home in Balwyn, Victoria, on 29 June 1959.
  This move occurred specifically to maximise funds and energy with regards to advertising and promotions and to demonstrate that independent operators offered service, advice and competitive prices.
  The new company soon expanded operations, with fifteen New South Wales members joining the group by February 1961. Queensland soon followed with seven retailers, under the chairmanship of Arthur Scurr, joining the cooperative in January 1962, followed by a further sixteen members from Newcastle in October the same year. With the company successfully operational in the three Eastern states of Australia by the end of 1962, South Australia and Western Australia soon started running their own state-based co-operatives, and attention turned to crossing the Tasman.
  In June 2004 Mitre 10 Australia opened its first "destination hardware" or "big-box" chain at Beenleigh, Queensland.
  In late 2008 Woolworths Limited and Mitre 10 Australia held talks on the potential acquisition of the company. The Australian Financial Review reported that Mitre 10 Australia had held talks with other companies since beginning to find a major buyer or investor, although in early 2009 Woolworths decided the company structure was too complex for a takeover. Mitre 10 Australia was believed to be in talks with Metcash Trading, supplier of IGA and various liquor stores; UBS analysts said Metcash had been on lookout for a "fourth pillar" for some time to add to its operations, and that Mitre 10 might be perfect.
  In late 2009 Mitre 10 Australia announced that they were searching for a major investment or buyer. On 27 November Metcash (ASX: MTS) released a statement to the ASX with a proposal for Metcash to take 50.1% in the Mitre 10 Hardware Group for A$55 million cash injection.The deal proposed giving Metcash the right to buy the remaining 49.9% in the company at the end of 2012 or 2013 with an amount based on the earnings. Mitre 10 Australia would remain a standalone entity headed by Mark Burrowes. In March 2010 98% of Mitre 10 Australia shareholders voted in favour of the Metcash bid. Metcash acquired the rest of Mitre 10 in 2012.
caption: Mitre 10 store with the current Mitre 10 branding in Dubbo, New South Wales
exif: {"Image Make": "Apple", "Image Model": "iPhone 4S", "Image Orientation": "Horizontal (normal)", "Image XResolution": "72", "Image YResolution": "72", "Image ResolutionUnit": "Pixels/Inch", "Image Software": "5.0.1", "Image DateTime": "2011:12:20 15:04:40", "Image YCbCrPositioning": "Centered", "Image ExifOffset": "204", "GPS GPSLatitudeRef": "S", "GPS GPSLatitude": "[32, 1461/100, 0]", "GPS GPSLongitudeRef": "E", "GPS GPSLongitude": "[148, 904/25, 0]", "GPS GPSAltitudeRef": "0", "GPS GPSAltitude": "274", "GPS GPSTimeStamp": "[4, 4, 3985]", "GPS GPSImgDirectionRef": "T", "GPS GPSImgDirection": "67261/408", "Image GPSInfo": "606", "Thumbnail Compression": "JPEG (old-style)", "Thumbnail XResolution": "72", "Thumbnail YResolution": "72", "Thumbnail ResolutionUnit": "Pixels/Inch", "Thumbnail JPEGInterchangeFormat": "902", "Thumbnail JPEGInterchangeFormatLength": "10849", "EXIF ExposureTime": "1/2632", "EXIF FNumber": "12/5", "EXIF ExposureProgram": "Program Normal", "EXIF ISOSpeedRatings": "64", "EXIF ExifVersion": "0221", "EXIF DateTimeOriginal": "2011:12:20 15:04:40", "EXIF DateTimeDigitized": "2011:12:20 15:04:40", "EXIF ComponentsConfiguration": "YCbCr", "EXIF ShutterSpeedValue": "22019/1938", "EXIF ApertureValue": "4845/1918", "EXIF BrightnessValue": "11919/1165", "EXIF MeteringMode": "Pattern", "EXIF Flash": "Flash did not fire, auto mode", "EXIF FocalLength": "107/25", "EXIF SubjectArea": "[1631, 1223, 881, 881]", "EXIF FlashPixVersion": "0100", "EXIF ColorSpace": "sRGB", "EXIF ExifImageWidth": "3264", "EXIF ExifImageLength": "2448", "EXIF SensingMethod": "One-chip color area", "EXIF ExposureMode": "Auto Exposure", "EXIF WhiteBalance": "Auto", "EXIF FocalLengthIn35mmFilm": "35", "EXIF SceneCaptureType": "Standard", "EXIF Sharpness": "Normal"}