A Gisborne winery has become the latest victim of the New Zealand grape glut, going into liquidation owing more than NZ$1.8 million (£911,000).
Gewurztraminer and Chardonnay producer Amor-Bendall has debts totaling $1,838, 652, including $250,000 owed to unsecured creditors.
Its liquidator, Shephard Dunphy explained the company was ‘adversely affected in 2008 by the oversupply in the domestic wine market in conjunction with the global financial crisis and subsequent decrease in demand from the international market.’
The company had tried to target the higher margin restaurant industry unsuccessfully and with rising debts, shareholders placed the company in liquidation.
This is the latest in a string of failed wine businesses in New Zealand, and follows the demise of Stoney Range Wines, Awatere Vineyard Estates, Gravitas Wines, Matakana Estate and Cape Campbell Wines in the past year.
Written by Rebecca Gibb