A Gisborne wine business founded by pioneer Nick Nobilo has been put on the market for sale after going into receivership. Vinoptima Estate was founded by Nobilo in 2000 as a way to ‘get back to his roots’, after the sale of his primary wine business to BRL Hardy and Constellation Brands. Shareholders include Wi Pere Investments, Taupo's Tuaropaki Kaitiaki, Nobilo Trustree and DMG Trustees – one of which is the reason behind the current financial struggles.

According to receiver Andrew McKay of BDO, the company was only in this position after “one of the shareholders called up their advance," which was in excess of $1 million, but would not identify the party.

However, Nobilo himself is confident that it will not be the end of the road.

"It still is a very premium wine which has great accolades and my philosophy with Gisborne was it was a wine that bottle-aged very well. We didn't release it for five years after bottling. It continues to improve in the bottle and gets better. That's why we bottled under cork, not screw top."

"My hope and sincere belief is that the vision for Vinoptima will continue in whatever form it takes from here. It's not a dead duck!"

The estate will be sold in December.