Two Sacred Hill Vineyards businesses in receivership

Receivers have been appointed to Sacred Hill’s Hawke’s Bay and Marlborough vineyards businesses.

A notice in the New Zealand Gazette said Rees Logan and Andrew Mckay of BDO were appointed joint receivers of Sacred Hill Vineyards on May 6.

They were appointed by Westpac, under the terms of a general security agreement from 2003, giving the bank a secured charge over all assets of the company.

The property in receivership was all the company’s ‘‘present and after acquired property’’, the notice said.

If a company is unable to pay its debts to a secured creditor, it can be forced into receivership. A secured creditor can appoint a receiver to sell company assets over which they have a financial claim.

Logan and Mckay were also appointed receivers of Sacred Hill Marlborough Vineyards on Wednesday, Logan said.

The receivers were undertaking an ‘‘urgent assessment’’ of both companies’ financial positions to determine the options available, and would be communicating with key stakeholders of the businesses, he said.

There were a number of other

Sacred Hill entities that were unaffected by the receivership and continued to operate, he said.

Sacred Hill Vineyards is 65 per cent owned by Sacred Hill Winery and 30 per cent owned by

Hong Kong company Jebsen Beverage Company. Antony Bish owns 3 per cent, and Richard Foddy owns 2 per cent.

David Mason is the sole director of Sacred Hill Vineyards and 90 per cent owner of Sacred Hill Winery. When contacted on Wednesday, Mason told Stuff to speak to the receiver. ‘‘Receivers are in, and they’re assessing things now. They’ve only been in for a day or two.’’

Sacred Hill Marlborough Vineyards is 76 per cent owned by Sacred Hill Winery and 24 per cent owned by Jebsen Beverage Company.

Sacred Hill Vineyards’ most recent financial statements filed to the Companies Office show it made a $1.3 million after-tax profit in the year to June 30, 2018.

The receivership comes just weeks after Sacred Hill’s drinks distribution business Quench Collective went into liquidation, owing unsecured creditors $3.16m.

Quench Collective was placed into liquidation by its shareholder Sacred Hill Family Vineyards on April 12.

Sacred Hill Vineyards was known as Sacred Hill Wines from 1999 to 2012.