Receiver looking at offers for Schuster winery

The receiver of Waipara's Daniel Schuster Wines is considering tenders following a marketing campaign by Colliers.

The pioneer North Canterbury winery was placed with receiver Stephen Tubbs of BDO Spicers in July. According to his most recent report the company owes Westpac $1.1 million and unsecured creditors $1.6 million. Assets are worth $1.3 million and liabilities $2.9 million.

The registered charge holders include the Donaldson family who own the nearby Pegasus Bay vineyard.

The property on 10ha includes a 460sq m winery , wine- tasting area, house, vineyard, bottled wine and barrels. Most of the grapes are pinot noir produced under six brands including Omihi Hills, Waipara, and Daniel Schuster. Nearly all product was exported.

Mr Schuster set up the winery more than two decades ago. Edith and Francis Hull become fellow shareholders in 2004 with expectations they would capitalise the venture for excpansion.

Several wineries are currently on the market including another Waipara property, Muddy Waters, being marketed by Harcourts. More grape growing blocks are for sale in Marlborough as well as some wineries such as Fairhall Vineyard, being marketed by John Hoare and Jackie Herkt of Bayleys. Fairhall is currently under offer following an auction last month. The pair also recently sold a 8ha grape growing block in Rapaura Road for approximately $2 million.

The increase in market activity comes as the industry prepares for a possible record 300,000 tonne vintage even as wine from the past two vintages is being dumped as below-market prices, according to many commentators. Wine exports have grown to nearly $1 billion as the vineyard area has grown to more than 30,000ha, making it the largest agricultural industry in New Zealand. 

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I remember when all that land around Waipara and the Omihi Valley way was all sheep and the local farmers philosophy was to get as much wool off their backs before they die (the sheep that is) and their was buggerall profit in that...
Then along came the wine industry that would actually yield a lot more value from the limestone ridden ground.
It would seem the boom is over for the highly leveraged amoungst them.. (remember ostrich farming?)

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<i> as the vineyard area has grown to more than 30,000ha, making it the largest agricultural industry in New Zealand. </i>

Huh? Surely dairy is bigger? In fact I'd say beef and sheep would also be bigger.

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How to become a millionaire.....Pay $2 million for a winery = That 'saying' has been around for decades.

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