Sacred Hill wine

PHOTO: Sacred Hill

A renowned New Zealand wine company has gone into receivership, owing nearly $100 million

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.