RTC NZ Ltd. (Record & Tape Company Of New Zealand Ltd.) was an NZ owned independent distributor formed in November 1976 by Brian Pitts (2), Warwick Woodward and John McCready (2) (later Managing Director of CBS NZ and CBS Australia). McCready and Woodward were bought out by Pitts in 1977. On 1 October 1983 RTC NZ Ltd. was acquired by the newly formed Virgin Records NZ Ltd. although Virgin was still partially (25%) owned by Pitts until 1989.