Aussie buys Central Otago Vintners

An entrepreneur has bought the assets of Central Otago Vintners winery in Cromwell, placed in receivership last year.

The Ripponvale Rd winery owed about $8 million when receivers Alistair King and Duncan Fea, of WHK Cook Adam Ward Wilson, were appointed last September.

Australian-born Ant Moore bought the 1.9-hectare pinot noir winery not as a "flash-in-the-pan" acquisition but as a way of consolidating the group's holdings, he said.

He said his company needed a "do-it-all winery".

Mr Fea confirmed the assets, including buildings, equipment and winery had been bought by the Ant Moore Group.

He said the company would be wound up and unsecured trade creditors, who were owed about $1.26m, "will not be getting any money".

Proceeds from the sale would repay secured creditors, including mortgages with Southland Finance for $4.7m and Secured Lending Ltd for $1.3m, he said.

He said he was not sure when the deal would be complete and declined to reveal the sale price.

The winery can process up to 650 tonnes of grapes, with plans to increase production to between 2500 and 3000 tonnes.

john.edens@stl.co.nz

- © Fairfax NZ News

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