Receivership dismays vineyard's co-owners

Christchurch-based Stoney Range Wines, a joint venture owned by former rich-listers and failed finance directors Terry and Ann Butler, of Auckland, and Waipara wine company Sherwood Estates, was put into voluntary receivership on Monday.

However, Sherwood Estate owners Dayne and Jill Sherwood were not happy with the move.

Stoney Range has two vineyards in Marlborough – at Foxes Island Rd, near Renwick, and Mahers Rd, in Kaituna.

Jill Sherwood said the Butlers had put Stoney Range into receivership without the Waipara couple's knowledge or consent.

All Stoney Range's creditors will be reimbursed by Sherwood Estate, Jill Sherwood said. She emphasised that Sherwood Estate was not in financial trouble.

"We're honouring any Stoney Range creditors. Any Stoney Range creditors will be paid."

Mr and Mrs Butler are two of six Dominion Finance directors who are being taken to court by the Serious Fraud Office.

Dominion Finance and its sister company, North South Finance, went under in 2008, owing banks and investors $336 million.

The Butlers were worth $55m in 2006 and featured in the National Business Review Rich List.

Jill Sherwood said the Butlers had invested with them in Marlborough vineyards as extra capital was needed.

Sherwood Estate had bought fruit from Stoney Range Wines to sell under a brand of the same name, she said. The two Marlborough vineyards, totalling about 21 hectares, were managed by contractors. Both are now being sold as mortgagee sales by Bayleys Marlborough for ASB Bank. Tenders for the vineyards close on July 13.

The Sherwood Estate website says the Stoney Range brand was used exclusively in Britain and was known as the Stratum range in other countries.

Sherwood Estate owns another 8ha vineyard in Rowley Cres, Grovetown.

Two other Marlborough vineyards have been forced into mortgagee sales.

Fifteen Valley Vineyard and an extensive landholding totalling 167ha, including 27ha of grapevines, near Cloudy Bay Business Park, are being sold by the Bank of New Zealand. The property was owned by Stephen McRae, Rowan McRae and John Thompson.

Stephen McRae is a director of the failed Biocorp (NZ) pharmaceuticals company, which was put into receivership in February.

The Blenheim plant, which is in the Cloudy Bay Business Park, has been closed by the receivers.

The receiver's report, written by PricewaterhouseCoopers, said the company was put under management after it defaulted on loan payments to South Canterbury Finance.

There was still $13.6m outstanding, while $219,000 was owed to unsecured creditors.

Meanwhile, tenders for the purchase of Clansman Vineyard on Redwood Pass Rd in the Awatere Valley close on July 21.

The 30ha vineyard was owned by Blenheim company Clansman Vineyards, which is owned and directed by Elaine McLeod, of Rapaura, and Neville McLeod, of Upper Hutt.

MORTGAGEE SALES

Clansman Vineyard, 30 hectares, 25ha planted, Redwood Pass Rd, Awatere Valley.

Fifteen Valley, 166ha, 27ha vineyard, 139ha farmland, Riverlands.

Stoney Range Foxes Island Rd vineyard, 9ha, Renwick.

Stoney Range Mahers Rd vineyard, 12ha, Kaituna.