Wine company placed in receivership
NZPA Sydney Hermitage Wines, Ltd., the big Hunter Valley winery, is in receivership at the request of the company. Hermitage Wines, runs a large winery, and had 650 acres of vines under crop. It is an unlisted public company with a number of leading financial institutions and companies as its shareholders.
Recent reports show the Federal Government investment body, the Australian Industry Development Corporation, as the company’s largest shareholder. However, the A.I.D.C. declined to comment on its involvement with Hermitage Wines.
Hermitage Wines was floated in 1971, and its products launched on the market in 1974. In its latest financial year to June 30 the company incurred a loss of sAust 840,000. Late last year the company sought additional investment of more than SIM from its shareholders. At the time, the directors said they were “hopeful” the company would reach profitability in the current financial year.
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Press, 24 May 1977, Page 22
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151Wine company placed in receivership Press, 24 May 1977, Page 22
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