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

 

Scoop Business: RBNZ Starts Talks On Tougher Rules For Property Speculators

The Reserve Bank of New Zealand is stepping up preparations to restrict lending to residential property investors as it watches house prices, particularly in Auckland, continue to rise strongly. More>>

ALSO:

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news