A major review will start today of the Oamaru Licensing Trust's future direction in the wake of a major loss last financial year.
It will look at all options, including increasing turnover and selling assets.
The trust board, with help from Otago Chamber of Commerce representatives in Oamaru and former accountant Tony Brady, will meet from 8am today to make a start on the review.
The move was announced by trust chairman Ali Brosnan at its annual meeting last night, during which there were occasional fiery comments from some of the 23 people present.
The big issue was the trust's performance - a $512,000 loss last financial year following 2008-09's $282,000 loss.
Mr Brosnan, trust general manager Giles Beal and accountant Bob Reid had to deal with some searching questions during the meeting. Mr Brosnan accepted the trust's financial performance was poor and had to be improved.
The biggest issue facing the trust, apart from its losses, was its high debt level of about $5 million, which Mr Beal said was "significant" and needed "to be paid down".
That debt level, the trust's four establishments - Northstar, the Brydone Hotel, Oast House and Fahrenheit bar - increasing turnover and returning to profit will be part of the review.
The board also has 400,000 shares in the DB Washdyke brewery, listed in its accounts at the cost price, $440,000. Those shares, which can be sold only to other licensing trust, could be worth up to $1.6 million.
There was also an indication from Mr Beal that options as part of the strategy review included earning more money or selling assets.
Mr Brosnan promised that within the next two weeks, the trust would report publicly on the progress with the strategy review.
Some time early next year it would make public its proposed strategy.
