By the start of the 20th century farmers were served by at least 40 regional and national stock and station agencies, ranging from one-man bands to companies employing hundreds. The national companies were Wright Stephenson, New Zealand Loan and Mercantile Agency, National Mortgage and Agency Company of New Zealand and Dalgety and Company. Wrightson was formed in November 2005 as a result of a series of mergers and takeovers over many years, involving 28 firms that had been set up in different regions in the 19th century. The last major round of consolidation took place in 2004, when Pyne Gould Guinness amalgamated with Wrightson. In 2005 PGG Wrightson acquired Williams and Kettle.