Listed winemaker Delegat's Group, which makes the Oyster Bay brand, has snapped up a struggling Hawke's Bay vineyard.
The company has paid $8.5 million for a 61-hectare vineyard and winery owned by Matariki Wines and Stony Bay Wines, both in receivership.
According to the first receiver's reports, the beleaguered companies owe creditors about $11.2m.
Unsecured creditors, owed about $136,000, are unlikely to be paid.
The purchase brings Delegat's Hawke's Bay vineyard holdings to a total of 500 hectares.
The new vineyard is predominantly planted with merlot, cabernet sauvignon and syrah grapes, and the winery has a processing capacity of 600 tonnes.
Over the last six months Delegat's has also bought two properties in Marlborough; a 121-hectare vineyard in the Wairua Valley and 91 hectares of bare land in the Awatere Valley.
Managing director Jim Delegat said the group continued to grow long-term demand for its branded wines, and the investment in high-quality vineyards supported its supply requirements.
Delegat's Group shares were unchanged at $3.20 in recent trading, and have risen 42 per cent over the past 12 months. Fairfax NZ
- The Marlborough Express
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