Owing almost $100 million, according to the report, New Zealand wine company Sacred Hill has been placed into receivership.
Founded in 1999, Sacred Hill is based in Hawke’s Bay with vineyards in Marlborough.
All sectors of The Sacred Hill group were placed into receivership over the months of May and June 2021, it includes Sacred Hill Vineyards, Sacred Hill Marlborough Vineyards, Sacred Hill Family Vineyards and Sacred Hill Global.
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.
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, according to a receivership report released last week.
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.