Retail billionaire Gerry Harvey has voiced support for fellow entrepreneur Wes Maas as the latter navigates significant financial setbacks following his involvement with the failed initial public offering (IPO) of Firmus Technologies. The fallout from the struggling technology company has led to a sharp decline in the value of Maas’s listed construction group, Maas Group, and impacted the personal wealth of the Dubbo-based businessman.
Harvey, the executive chairman of furniture and electronics retailer Harvey Norman, has had a financial relationship with Maas for several years, having backed the expansion of Maas Group through share purchases and private loans. Maas used some of this support to acquire shares in Firmus, a Nasdaq aspirant led by Oliver Curtis, which is partnered with Maas Group in constructing local data centres. Following Firmus’s unsuccessful IPO, Maas Group’s market value plummeted by roughly A$1 billion within a fortnight.
“This is cruel body blow, there’s no question about that,” Harvey said, describing the impact on Maas. “But a bloke like him, he’s like a prize fighter and he will just get up again.” Harvey indicated confidence in Maas’s ability to recover and highlighted his reputation as a smart, dynamic leader in the construction and technology sectors.
The two businessmen had engaged in discussions ahead of Firmus’s IPO, with Harvey somewhat skeptical about the float’s prospects despite Maas’s optimism. At one point, they were even negotiating a friendly wager on the outcome. Harvey admitted he has not spoken with Maas since the IPO troubles but remains interested in whether Firmus can rebound. “Is Firmus worth nothing? Is Firmus worth any number you can think up? It’s very interesting,” he said.
Maas himself is taking steps to bolster his financial position amid the turbulence. He is selling a portfolio of four gym properties leased back to Derrimut 24:7, a gym chain that Maas rescued earlier this year from administration. The sale could generate up to A$60 million, with the properties located in Melbourne and Adelaide and currently yielding approximately A$3.5 million in net rental income annually. These assets were acquired as part of a roughly A$35 million rescue package for Derrimut 24:7, which Maas saved from financial mismanagement and now operates alongside his Cavalo Prestige dealership.
The property sales are being handled by real estate firm CBRE, with the properties under long-term leases that include guaranteed annual rental growth. A mortgage held by the Commonwealth Bank means proceeds will be divided between Maas and the lender, though Maas is expected to realize a profit on the transactions.
While Harvey has taken profits from his early investment in Maas Group—selling shares at around A$5.50 for a gain of approximately A$6.3 million—he continues to back Maas as a significant player in the construction and emerging AI data centre industry. With ongoing questions about Firmus’s viability and Maas Group’s future stability, industry observers are watching closely to see whether Maas can rebound from the recent disruptions.