William Hill Winery Ltd was placed in the hands of receivers Wanaka accountant Alistair King and Invercargill chartered accountant Peter Heenan this week.
A notice of receivership published in the Otago Daily Times yesterday stated both had been appointed as receivers and managers of the company in respect of all rights, titles and interests in the undertaking, property, assets and revenues of the winery.
Mr King, of WHK Cook Adam Ward Wilson in Wanaka, told the ODT receivers had secured all of William Hill's assets and were starting an assessment of the company's financial position.
In the meantime, no employees of William Hill had lost their jobs as the company continued to trade, Mr King said.
William Hill's website was suspended yesterday although the vineyard cellar door on Dunstan Rd in Alexandra was open for business.
"While we are assessing the company's position we are continuing to trade, and people haven't lost jobs or anything like that.
We will put together a statement of position about the company's debts and creditors, and from there we will post our report to the companies office," Mr King said.
He said the process should take a matter of weeks.
William Hill's assets include the winery, plant, equipment, about 16ha of vines and wine stocks.
Mr King said the company also provided vineyard management services to between 16ha and 20ha of vines owned by Pioneer Vineyard Ltd.
Those grapevines, situated across Dunstan Rd from William Hill, were not directly affected by the receivership, he said.
The Shaky Bridge Vineyard Cafe and adjoining block of vines, near the Shaky Bride over the Manuherikia River at Alexandra, were also owned by a separate entity to William Hill and were not affected by the receivership, he said.
William Hill owns the Shaky Bridge wine label, however, which it started to use in 2003 to market and sell its wine overseas.
A Napa Valley winery called William Hill Winery prevented the Alexandra business from using its original name internationally.
In New Zealand, William Hill is used as a wine label as well as Shaky Bridge.
William Hill was established in 1973 when founders Bill and Gillian Grant planted the first pinot noir vines.
Its first commercial production was in 1987.
