Vineyard partnership sours
One of the shareholders in a boutique upmarket Gisborne vineyard founded by Nick Nobilo tipped the business into receivership, the wine industry pioneer has revealed.
Nobilo said Vinoptima Estate was only in the hands of BDO receiver Andrew McKay “because one of the shareholders called up their advance” of more than $1 million.
He refused to identify the shareholder but said it was nothing to do with Nobilo interests.
Company Office records show major Gisborne landowner Wi Pere Investments, Taupo’s Tuaropaki Kaitiaki, Nobilo Trustee, DMG Trustees and Nick Nobilo own Vinoptima.
The estate is due to be sold in early December.
Nobilo said the vineyard was established in 2000 and from its first vintage in 2004 through to 2015 produced an annual 40,000 bottles of gewurztraminer — a variety he thought had a bright future, particularly around Gisborne.
But the business had not returned enough to satisfy shareholders and stayed capital-intensive, so it was decided more than a year ago to sell to repay initial capital plus advances.
“We were promoting the sale of the business to China and we had a contract on it but it collapsed about a year ago. We were looking at other options,” Nobilo said.
The vineyard had about 100,000 litres of unsold wine, stored in bulk.
BDO’s McKay also said there was a “sizeable” stock of unsold wine.
Nobilo is still convinced Gisborne is the right area for gewurztraminer.