Allpress founder starts olive oil firm
THE founder of a pioneering coffee business which he sold to a multinational earlier this year has established a new olive oil business, saying he has a deep passion for olives.
In April, Allpress Espresso, founded by Michael Allpress, was sold to Japanese beverage giant Asahi for an undisclosed sum, said to be upwards of $50 million.
Now, Mr Allpress has established Allpress Olive Oil on Waiheke Island.
The new company’s website has scant information but displays how Mr Allpress has long held an interest in olives.
‘‘I enjoy nurturing and growing olives almost as much as I appreciate consuming them,’’ he says on the website.
‘‘Allpress Olive Oil are based in Island Bay on beautiful Waiheke Island. Waiheke is located 50km from Auckland’s east coast and may seem an unlikely location for an olive grove, but in many ways it is ideal.
‘‘The dry soil conditions combined with the island’s unique micro climate have proven to yield awardwinning olives, olive oil and of course delicious wines.’’
More than 30 years ago, Mr Allpress founded his coffee company with a single standalone coffee cart in Auckland’s Victoria Park and expanded its operations to Australia, Japan, Singapore and Britain, supplying more than 1500 tonnes of coffee beans each year.
Allpress now employs 240 staff, about 100 based in New Zealand, and holds a 20% share of the wholesale fresh coffee bean market.
Asahi’s acquisition saw the Japanese conglomerate enter New Zealand’s multimilliondollar fresh coffee market for the first time as it looked to grow its portfolio of nonalcoholic drink brands.
Asahi employs 400 staff in New Zealand and owns drinks brands Long White Vodka, Woodstock, Charlie’s and Phoenix Organics, among others.
Mr Allpress and his business partner, Tony Papas, began mulling the future of the business about two years ago when he turned 60.
Allpress Espresso was put on the market via UBS and received offers both domestically and in Britain.
At the time of the announcement of the sale to Asahi, Mr Allpress said: ‘‘When I started this business in Auckland more than 30 years ago, I never could have imagined the amazing journey it would take me on.’’
Corporate formalities in the olive oil trade are just a few months old.
Companies Office records show Allpress Olive Oil only registered on June 17. Michael Robert Allpress of Korora Rd, Oneroa, and his sister Jane Louise Allpress of Birkenhead, are its sole shareholders. Mr Allpress is the only director.
He has teamed up with a longtime trusted colleague for the new venture.
LinkedIn shows Dean Liggins is the general manager of Allpress Olive Groves, only appointed last month after leaving a contract role at Little Bird Organics.
Mr Liggins worked for Allpress for at least nine years before that and was its chief executive from 2017 to 2019, his profile says.
Allpress has given one media interview about the oil venture in a newsletter, saying, ‘‘Dean and I realised that we’ve done this all before [with Allpress Espresso]. We don’t have to make it up anymore. We’re just applying it to a different product. So things are about to change quite quickly. I’ve got 600 litres in my garage — I’m not selling it fast enough.’’
Last month, reported on how the shareholders of the holding company which sold Allpress Espresso would soon get access to the proceeds of the sale, according to a liquidator’s report.
Allpress Espresso was sold to Japanese beverage giant Asahi at the end of April for an undisclosed price.
A liquidator’s report issued by Rachel MasonThomas of Meltzer Mason on September 23 for Allpress Espresso Holdings showed the company had $106.7 million available for distribution to creditors, of which $102 million was cash at the bank.
Once unsecured creditor claims of $5.88 million were taken into account the company had an estimated surplus of $100.8 million.
The liquidation of the company is a solvent one and is being undertaken because the company has sold its business.
The liquidation is expected be completed within three months. —