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

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news