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

 


Foley Family Wines buys Lighthouse Gin brand

Foley Family Wines buys Lighthouse Gin brand

By Suze Metherell

June 11 (BusinessDesk) - Foley Family Wines, majority owned by American businessman and vineyard owner Bill Foley, has bought the Lighthouse Gin brand for an undisclosed amount.

Lighthouse is made by Greytown-based boutique distillery Greytown Fine Distillates, was founded in 2007 by Neil Catherall, who will act as a consultant to Foley Family Wines. The gin is exported to Australia and the UK and Marlborough-based Foley Family said it has inked a new distribution agreement in New Zealand with EuroVintage and intends to distribute in the US through Epic National.

The acquisition is the latest in the company's expansion plans, which include an all-scrip $1.9 million takeover offer for pinot noir pioneer Martinborough Vineyard Estates.

Foley Family Wines controls about 364 hectares of land in Marlborough and Wairarapa, and is betting the enlarged company’s bigger scale will boost efficiency and improve profitability.

The wine maker also announced it has completed the 2014 grape harvest, crushing a total of 6,807 tonnes across its three Martinborough and Marlborough sites, up from last year’s 5,699 tonnes.

"The volume crushed this year has resulted in all wineries being at full capacity, which will continue to have a positive influence on margin improvement," the company said in a statement. "Many wineries were greatly concerned with the impact of the prolonged rain late April, however Family Foley Wines managed to complete harvest on the day the weather began to deteriorate."

Shares in the NZX-listed company were unchanged at $1.51.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news