The New Zealand Honey Company, established in 2005, topped national business growth awards in 2005, at the time being New Zealand's single largest producer of specialty honeys.
The certified honey producer and exporter is being kept as a going concern by receivers Insolvency Management of Dunedin, which has already fielded domestic and international expressions of interest.
Last year's honey season was counted as one of the worst in about 30 years in the Dunedin area, but the industry was optimistic of a turnaround this coming season, albeit with rising concerns about the lack of rain and dry conditions in Central Otago and Middlemarch.
The UK was New Zealand Honey Company's biggest market, and it also exports to Hong Kong, Singapore, China and South Korea, from its Mosgiel factory.
New Zealand Honey Specialties was placed in receivership on November 24.
Its directors are Duncan McKinlay, of Auckland, Chris Swann, of Dunedin, and Peter Ward, of Wanaka, who is the company chairman.
Neither Mr Swann nor Mr Mr Ward returned calls yesterday.
The company's website says it has 20 beekeepers maintaining more than 20,000 tiered beehives, each of which produces about 30kg of honey; but in ideal conditions as much as 70kg.
The New Zealand Honey Company was originally founded by a group of four South Island beekeepers, including Mr Ward, in an attempt to add value and increase returns, so as not be at the mercy of commodity prices.
New Zealand Honey Specialties' majority shareholder is Alpine Honey Specialties, with a 48.97% stake, followed by Southern Capital Ltd, with a 45.19% stake.
There are also seven minority shareholders of 1% or less, in the UK, around Dunedin, Oamaru and Auckland.
Insolvency Management director Iain Nellies was contacted and confirmed the voluntary receivership, saying the company's books were still being assessed and it would be several weeks before a report was filed.
When asked about whether debt loading, money owed from sales or over-capitalisation were at the core of New Zealand Honey Specialties' problems, he said ''it's too early to speculate''.
''The debt is still being assessed at this stage,'' he said.
The company would be kept operating, with its staff of up to 10 ''already scaled back'' and there had been several ''international expressions of interest'' already.
While Mr Nellies could not put a timeline on the sale process, he would be spending the time up until Christmas ''in talks with some of the interested parties''.
According to Companies Office records, more than $1 million capital was put into New Zealand Honey Specialties in September 2014; $461,000 by Alpine Honey Specialties and $552,000 by HQPM Ltd.
In early 2010, New Zealand Honey Company was seeking up to $3 million new capital to fund market expansion, including from beekeepers and private investors.
Alpine Honey Specialties' directors are Wanaka-based Peter and Dawn Ward, who each have a 50% stake in the company.
Southern Capital, previously HQPM Ltd, which put $552,000 into New Zealand Honey Specialties in 2014, is linked to the Dunedin McKinlay business family, and its other directors are Mr Swann and Wanaka-based Trevor Scott.
In October 2009, the New Zealand Honey Company was named the country's fastest-growing company in the Deloitte Fast 50 awards, the company's revenue having grown almost tenfold between 2007 and 2009.
The company also won awards as fastest growing exporter and New Zealand's fastest growing retail or consumer products business.
By late 2010, exports accounted for 90% of sales, including 880 supermarkets and 650 health-food stores in the UK and 300 supermarkets in Hong Kong. Also in 2010, the company won the export marketing award at the TVNZ-NZ Marketing Awards.
