Villa Maria parent company in receivership

The Villa Maria winery in Auckland. Villa Maria Wines

A second shock announcement, just a few days after the wine industry learned that Sacred Hill Vineyards is in receivership, revealed that FFWL Ltd, the parent company that owns the Villa Maria business, has been placed in receivership.

Receivers have only been appointed to FFWL Ltd. Villa Maria is not in receivership.

Brendon Gibson and Neale Jackson of Calibre Partners have been appointed as receivers to FFWL Ltd.

Gibson said:

“This action does not affect Villa Maria, which is trading profitably and continues to trade as normal.

“Villa Maria has been working through a well-publicised process to identify the best options to raise capital. Both a new investment or a sale of shares in Villa Maria were on the table. It is now clear that a sale of the shares in the business will occur. We will assess the position and then focus on completing a sale of the shares.

“We look forward to the support of Villa Maria’s customers and suppliers, all its staff and its directors, as we work through this process. We will make a further announcement once we have further clarity.” he said.

“The receivership only affects FFWL Ltd. FFWL’s receivership does not affect Villa Maria’s New Zealand operating business or its offshore subsidiaries. These trading companies are not in receivership or any similar process.”

Receivers have only been appointed to FFWL Ltd. FFWL is the parent company of Villa Maria Estate Ltd, which trades the Villa Maria business. Villa Maria is not in receivership.

A search of the New Zealand Companies Office reveals that Villa Maria founder, Sir George Fistonich, owns 9900000 shares in FFWL Ltd, while his daughter, Karen Fistonich, has 100 shares.

One thought on “Villa Maria parent company in receivership”

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    Kevin Rolfe says:

    Hi Bob. You may recall on a Zoom session last year, I mentioned the difficult financial times of some wine companies. I referred to the Terra Vitae model that was used last time that FFWL was in financial difficulties. That entity still exists, owning several vineyards supplying the Villa Maria group. I wonder why that option has not been referred to as an option again. Of other options, rather than purchase by overseas interests (we have too many of those already), I favour Jim and Rose Delegat buying FFWL from George (99 million shares) and Karen Fistonich (only 100 shares). Through her marriage to Milan Brajkovich, I presume that Karen has an interest in that family company to fall back on. Any comments?

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