Chairman and 60% shareholder of Gibbston Valley Wines Limited Philip Griffith has been granted consent to buy a further 11.11% of the company's shares, the Overseas Investment Office yesterday announced.
Nevada-based millionaire Mr Griffith has sizable personal equity in the 42.98ha winery, which was increased to 23.77% through last year's $1.42 million unsecured loan to offset operational losses and complete its $2.5 million capital works programme.
The winery late last year announced the investments would include a new winemaking facility, and other developments focusing on vineyard tourism.
Chief executive Greg Hunt told the Otago Daily Times the focus on "vineyard tourism" was a key part of the company's strategy for long-term sustainable growth.
Mr Griffith's loan, along with an earlier $450,000 secured loan from director Mike Stone, which has since been repaid, was to keep the company solvent in the face of a $2.64 million loss over two financial years.
