New owners confident they can turn things around.
NZX-listed Moa Group is rebranding to a hospitality-only venture and has sold off its loss-making brewing arm for $1.9 million.
As part of the business transformation, Moa will rebrand to Savor Ltd and operate under the SVR ticker from March 1.
Moa hit the NZX in a $16m IPO in late 2012 and operated solely as a brewing company before purchasing the Auckland-based Savor Group of restaurants in early 2019.
In a release to the market, Moa’s board said it recognised the value Moa Beer had brought to the group but it had concluded the best outcome for shareholders was
“Running Wino s was tough because of the competition but also because you had to be heavily involved, keep people interested and make sure you have local support, which we had,” he said. In February 2012, MacFarlane and Clouston were inspired by the wine-growing region that they worked and lived in. They decided to open Wino s Marlborough, with a focus on providing a quality fine wine store.
Supplied
Wino s former owners David Clouston, left, and Clive MacFarlane when they opened their store on Grove Road in 2012. “We strived to be an independent liquor store that ingrained itself into the local community, supported local businesses, and provided more for our patrons.”