PENFOLDS N.Z.

Press, Volume CII, Issue 30278, 2 November 1963, Page 16

PENFOLDS N.Z.

New Wine Firm

(N.Z. Press Association) AUCKLAND. Nov. 1

Penfolds Wines (N.Z.), Ltd., has been formed with an authorised capital of £250,000 to acquire the vineyards and winery of Averill Bros., Lincoln road, Henderson, Auckland, and to develop the production and marketing of table wines, dessert wines and sherries.

Penfolds Wines Australia, Ltd., holds 60 per cent of the issued capital, and a group of New Zealand merchant and brewery interests the remaining 40 per cent. The New Zealand interests consist of Hughes and Cossar, Ltd., Auckland, 1- D. Nathan and Company, Ltd., Auckland, John Reid and Company, Ltd., Auclland. Philips and Pike, Ltd., Wellington. Dominion Breweries, Ltd., Auckland, Innes Industries. Ltd,, Auckland, Nelson and Simich, Ltd., Otahuhu, and Fraser Hughes, Ltd., Hastings, an associate company of Leopard Brewery. Ltd. The Australian company will be represented on the board of directors by Messrs Raymont Moore (chairman). J. P. Hyland (deputy-chair-man and chief executive director), M. E. Schubert (chief technical manager of Penfolds Wines Australia), and D. H. Steen, public accountant of Auckland. The New Zealand interests will be represented on the board by Messrs T. F. Morton (general manager of L. D. Nathan), A. M. Hughes (managing director of Hughes and Cossar) and J. G. Reid (managing director of John Reid and Company).