Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Billionaire Bill Foley plans to buy Martinborough Vineyard

US billionaire Bill Foley may extend reach in Wairarapa by buying Martinborough Vineyard

Feb. 3 (BusinessDesk) - American billionaire Bill Foley may add to his wine interests in the Wairarapa region with the acquisition of pinot noir pioneer Martinborough Vineyard Estates.

Foley, through the Foley Family Wines Holdings company based at his luxury Wharekauhau lodge in the Wairarapa, isn’t at the stage of determining the price of the Martinborough vineyard, said chief executive Mark Turnbull. The parties are aiming to complete the transaction by March 31.

The business would add to the Te Kairanga Wines company, just down the road in the town of Martinborough that Foley acquired in 2011. The company has been expanding its wine interests while building what Turnbull has called a vertical integration strategy which has included taking a 24.9 percent stake in celebrity chef Simon Gault’s Nourish Group restaurant chain.

Martinborough Vineyard describes itself as a trailblazer in pinot noir in the southern Wairarapa, establishing its first vines in 1980 and helping build the region’s reputation for producing the notoriously fickle variety.

Foley Family stock was last at $1.70 and has gained 48 percent in the past year, outpacing the NZX 50 Index’s 15 percent gain.

Foley is following the pattern he mapped out in the US where he owns vineyards and interests in about 700 restaurants. His New Zealand holding company owns 80 percent of NZAX listed Foley Family Wines and a half stake in distributor EuroVintage.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Season Ends: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news