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Quake proves costly for Foley Family Wines

Time:2016-11-17 15:41wine - Red wine life health Click:

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Quake proves costly for Foley Family Wines

CATHERINE HARRIS

Last updated 16:13, November 17 2016

Foley Family Wines owner Bill Foley (left)  with chief executive Mark Turnbull at Grove Mill in 2013.

DEREK FLYNN/FAIRFAX NZ

Foley Family Wines owner Bill Foley (left) with chief executive Mark Turnbull at Grove Mill in 2013.

A Marlborough vineyard has sustained earthquake damage of more than $1 million

Grove Mill Winery owned by Foley Family Wines (FFW) said significant damage had been done to some of its bulk wine storage tanks in Monday's North Canterbury quake.

Early signs were that there was only relatively minor damage to its buildings and finished stock.

"The company is currently working through the process with its insurers and the claim is in its preliminary stages," the company told the NZX.

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"However, it is clear that the cost of the damage will exceed the insurance excess for earthquake claims of approximately $1m. The company has the resources available to cover its insurance excess."

There was no issues with meeting its bottled wine orders, the company said.

None of FFW's other three wineries suffered major damage.

New Zealand Wine Growers chief executive Philip Gregan said it wasn't quite business as usual but most wineries would be insured.

"There's plenty of damage, but it's mainly to tanks and those sorts of things which will take time and money to repair. But from what I'm aware of, there's very little damage to buildings or anything like that." 

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He could not say whether it would have any impact on exports. Tanks were being replaced, few bottles were lost, and wine was still being transported.  

"The vintage is four or five months away so they know that and so they've got to get on with things quickly."  

NZX-listed Foley Family Wines is owned by US billionaire Bill Foley who bought Grove Mill's parent The New Zealand Wine Company in 2012.

He also bought Martinborough's Te Kairanga in 2011 and Martinborough Vineyard in 2014 and majority owns luxury lodge Wharekauhau on the south Wairarapa coast.

 

 - Stuff

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