Winery tenders not favourable say receivers

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Receivers are considering options after the proposed sale of an established winery in Central Otago failed to attract suitable tenders.

William Hill winery near Alexandra, first planted in 1973, continued to trade after it went into receivership in May.

Last month 27 expressions of interest were lodged with the receivers, Wanaka accountant Alistair King and Invercargill chartered accountant Peter Heenan, who filed their first receivers' report at the end of July.

The report says principal debt of $4.2 million was owed to SBS for property, stock and equipment.

Mr King yesterday said two formal tenders were received but "unfortunately we won't be proceeding with any of them".

He said none of the offers was "favourable" and more details would be available in a report to Companies House next year.

When asked whether the winery could be placed on the open market, he said the receivers would have more information once options were considered.

The Dunstan Rd business, which started commercial production in 1987, was offered for sale as a going concern, which included land, assets, wine stocks and plant.

- © Fairfax NZ News

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