Scales Corp out of the running to purchase Villa Maria

Sir George Fistonich founded Villa Maria Estate winery in 1961. Photo / NZME

NZX-listed Agribusiness firm Scales Corp said it was no longer in the running for Villa Maria, whose parent company went into receivership last month.

"Due diligence and other transaction costs incurred during the process will be recognised in Scales' half-year results to June 30, 2021," the company said in a short statement.

Scales noted its earnings guidance for the full 2021 year did not include transaction costs.

The guidance, issued in February, said Scales expected its underlying net profit to be between $27.5 million and $33.5m, implying an underlying EBITDA range of between $46.5m and $53.5m.

In May, FFWL Limited, the parent company of New Zealand wine business Villa Maria Estate, was placed in receivership.

FFWL Limited is 100 per cent owned by founder Sir George Fistonich.

Fistonich founded Villa Maria Estate winery in 1961.