Waipara winery owes $2.8m

Waipara's Daniel Schuster Wines owes $2.8 million to creditors after being forced into receivership in July.

The receivers' first report into the company's state of affairs also reveals Westpac New Zealand put Daniel Schuster Wines into receivership because it failed to meet loan repayments.

The report, released this week by joint receiver Stephen Tubbs, of BDO Spicers, shows at September 18, Westpac was owed $1.17m by Daniel Schuster Wines and the debt to Inland Revenue Department was $31,648 in unpaid PAYE and GST.

Unsecured creditors were owed $1.6m.

Tubbs said the likely outcome for unsecured creditors was unknown.

The report shows the company had assets of $1.3m.

Receivers have put the 10.9 hectare Waipara property and its assets up for sale.

Marketing agent Dick Thomas, of Colliers International in Christchurch, said the receivers were still considering the tenders and a decision was expected within the next week.

He would not say what the asking price was or how many tenders had been received, but he did say offers were predominantly from people already in the wine industry in New Zealand.

The property includes a 460-square-metre winery, wine- tasting area, house, vineyard, and a large amount of bottled wine and barrels.

The vineyard was planted mainly in pinot noir vines, and the winery produces under six main labels, including Omihi Hills and Waipara.

Some 90 per cent of its products are exported.

Companies Office records show the business was jointly owned by Danny Schuster, his wife Mari, and Edith and Francis Hull.

Daniel Schuster Wines was set up in 1986. Schuster was one of the pioneers of viticulture and winemaking in the South Island and became Canterbury's first commercial wine producer at St Helena Wine Estate.

- © Fairfax NZ News