Sileni’s Booster bailout
Sileni Estates CEO, Nigel Avery, explained,
“We have experienced severe headwinds in our Australian market in recent years.” – Nigel Avery
“We have experienced severe headwinds in our Australian market in recent years. Management and strategy changes in our primary Australian distribution partners has reduced our access to that market. The result has been a significant reduction in sales, which has led to overcapacity in our New Zealand production operation.
We have therefore been actively seeking investment over the past twelve months as our position has deteriorated. After a thorough evaluation process, we found a partner in Booster. Their understanding of the New Zealand agri-business sector and genuine commitment to help New Zealand businesses thrive are aligned with our company ideals.”
The business will now operate as Sileni Wines Limited Partnership, recognising the change of ownership and introduction of new capital. The Avery family has a minority holding in the new company.
A handful of staff have left the company but Avery claims that he is thankful that “operations will largely carry on as normal.”