Receivers appointed for family vineyard
A Marlborough family-owned vineyard, Isabel Estate Vineyard, has gone into receivership.
Receivers John Fisk and Richard Longman, of PricewaterhouseCoopers, were appointed on Wednesday last week.
The company is owned by Michael and Robyn Tiller, who established it in 1982.
Longman said the principle reason for Isabel Estate Vineyard going into receivership was the business had agreements in place that had a "high cost operating structure".
Longman would not comment further on the agreements.
An Isabel Estate Vineyard spokeswoman declined to comment when contacted by the Express yesterday.
In May, the Tillers called for investors to buy shares in the company to help them expand their business.
Harcourts Marlborough rural and commercial sales manager Tom Rutherford had been appointed by the owners to give investors "an opportunity to take an equity share in Isabel or to purchase the business in part or whole".
The business has vineyards spread over 62 hectares in the Wairau Valley.
Longman said the company would continue to trade while it was on the market.
"The owners were looking for capital, or to sell capital, and to fund growth so people already know about it.
"I don't see there's any detriment to [going into receivership]," he said.
The receivers' first report is due September 2.