FWL Ltd, the parent company that owns the Villa Maria business, has been placed in receivership.
The announcement was made by financial advisory and restructuring firm, Calibre Partners, which says Brendon Gibson and Neale Jackson have been appointed as receivers to FFWL Ltd.
FFWL is 100% owned by Sir George Fistonich, the founder of Villa Maria.
“This action does not affect Villa Maria, which is trading profitably and continues to trade as normal,” says Gibson.
Gibson says in recent months Villa Maria has been working to raise capital through both a new investment or a sale of shares in the business.
“It is now clear that a sale of the shares will occur,” he says. “We will assess the position and then focus on completing a sale of the shares.”
Gibson says Calibre will support Villa Maria’s customers, suppliers, staff and directors through the process.
“We will make a further announcement once we have further clarity,” he says.
Calibre says the receivership only affects FFWL Ltd which is the parent company of Villa Maria Estate Ltd, which trades the Villa Maria business.
“FFWL’s receivership does not affect Villa Maria’s New Zealand operating business or its offshore subsidiaries,” says Calibre.
“These trading companies are not in receivership or any similar process.”
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