Two Sacred Hill companies placed in liquidation, staff owed $290k stuff.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stuff.co.nz Daily Mail and Mail on Sunday newspapers.
File photo.
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Sacred Hill is based in Hawke s Bay with vineyards also in Marlborough.
The company was founded in 1999 and operated a vineyard, winery, processing and distribution business in Hawke s Bay.
Details have come to light in a receivership report released today.
In 2019, the company overstated the amount the stock it had.
Sacred Hill Group decided to restructure and separate its Marlborough and Hawke s Bay operations, with a view to divesting the Hawke s Bay operations to reduce debt.
But an attempt to sell it fell through under a conditional agreement.
Other factors included a poor 2021 vintage, a high NZ and US dollar exchange rate, and poor financial performance.
Sacred Hill wine group owes more than $98m in outstanding debts, receivers say stuff.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stuff.co.nz Daily Mail and Mail on Sunday newspapers.