Companies behind debt-ridden Hawke's Bay wine group Sacred Hill sold for $49 million

Businesses behind Sacred Hill wine group have been sold off. Photo / Paul Taylor

The companies behind Hawke's Bay winemaking group Sacred Hill have been sold for a combined $49 million to pay back a staggering amount of debt.

However, there is still a "substantial shortfall" in the amount owed by the group and it is unlikely any money will be repaid to unsecured creditors, according to a receivers' report released this month.

It was revealed last year that Sacred Hill group had debts and liabilities of $98.5 million, over half ($52.4 million) of which was owed to Westpac Bank.

Four companies attached to the group were placed into receivership and liquidation.

They were Sacred Hill Vineyards Limited (SHVL), Sacred Hill Marlborough Vineyards Limited (SHMVL), Sacred Hill Family Vineyards Limited (SHFVL), and Sacred Hill Global Limited (SHGL).

They have now been sold for a combined $48.7 million.

Sacred Hill Marlborough Vineyards Limited was sold for $42.9 million and included extensive leasehold interests in a number of vineyards in Marlborough, grape-growing contracts, its wine inventory (excluding its pinot noir), equipment and other sundry assets.

Sacred Hill Vineyards Limited was sold for $5.2 million and included leases in two vineyards, a winery lease, equipment and wine inventory.

SHFVL, which employed staff and owned vintage wine, was sold for $247,000, and SHGL was sold for $373,000 and was the entity that exported Sacred Hill wine globally.

Sacred Hill Marlborough Vineyards was bought by Vinlink but it is unclear who purchased the other three companies.

Sacred Hill was founded in 1999 in Hawke's Bay and later expanded its operations to the Marlborough region.