New Zealand wine company Sacred Hill has been placed into receivership, owing almost $100 million.
Founded in 1999, Sacred Hill is based in Hawke’s Bay with vineyards in Marlborough.
The Sacred Hill group includes Sacred Hill Vineyards, Sacred Hill Marlborough Vineyards, Sacred Hill Family Vineyards and Sacred Hill Global.
All were placed into receivership over the months of May and June, 2021.
The announcement comes after drinks distributor Quench Collective was placed into liquidation on April 12. Sacred Hill Family Vineyards Ltd was the sole shareholder of that company.
In a receivership report released last week, factors for the company’s downfall included a failed restructure in 2019, a poor 2021 vintage, a high NZ and US dollar exchange rate, and poor financial performance.
The receivers, BDO, say they are in the process of selling the business and assets through a formal confidential sales process.
The company’s assets include bottled and bulk wine, manufacturing plant and equipment, furnishings, building improvements, vehicles, trademarks and intellectual property.
The sole director and majority owner of the company is David Mason who has stated he is unable to comment on proceedings due to an agreement with the receivers.
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