Peter Yealands denies that Marlborough wine company is sold or on market

Peter Yealands says his Seddon-based wine company has not sold.
EMMA ALLEN/FAIRFAX NZ

Peter Yealands says his Seddon-based wine company has not sold.

Marlborough entrepreneur Peter Yealands has again denied reports his wine company is being readied for sale.

The Marlborough region is said to be awash with rumours that Yealands is about to sign - or has already done so - a deal worth hundreds of millions of dollars.

The 'market talk' comes just months after he hit back at a report in the Sydney-based newspaper The Australian claiming German investment bank Deutsche Bank had been drafted in to sell "Yealands Estate".

READ MORE: Full sale ruled out in January

Founder Yealands said on Tuesday night his Seddon-based wine firm had not sold.

"News to me. I can tell you honestly that there is no truth in that whatsoever.

"I've got nothing further to add. It's my private business. I don't need to disclose anything."

However, in January, Yealands, who founded Yealands Wine Group (YWG), said he had not ruled out selling parts of his company.

In December, it was reported that Yealands was considering listing YWG on the NZX as he considered expansion.

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YWG told the New Zealand stock exchange that it would undertake a strategic review to fast-track its plans, with the help of investment banker UBS.

Yealands said that review would help identify how much investment was needed and whether it should take the form of an initial public offering or alternative route.

On Tuesday, UBS New Zealand investment banking executive director Chris Simcock would neither confirm nor deny the latest rumours YWG was being sold.

"We are still talking and still reviewing things and working out what to do now."

At the time, Simock said they were looking at all the options.

Yealands said they had been working with an adviser to map out the wine company's future direction.

This could include an initial public offering or selling parts of his business, he said.

"I will not consider selling it as a whole, well, not yet. I've still got a few years in me.

"It's a bloody big business for a one-man band and a family and I am getting older," Yealands said. "But I have a desire to stay here . . . I love what I do."

Yealands Wine Group is the country's sixth-largest wine exporter. Their cutting-edge winery was established in 2008.

 - Stuff

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