business | Large-scale dairy business in receivership

Taupō and North Otago-based business reportedly owes its bank $36.5 million.

A large-scale dairy business that operates three farms in Taupō and North Otago has been placed into receivership.

The business, the Waitonui Group, was placed into receivership on April 15 with Andrew Grenfell and Kare Johnstone of McGrathNicol appointed by Bank of New Zealand as receivers.

The company names of the group are Waitonui Milltrust Agricultural Holdings Limited Partnership, Waitonui Milltrust Agricultural Holdings Farm Management Limited Partnership, Waitonui Milltrust Agricultural Holdings General Partner Limited and Farm Management General Partner Limited.

NZME reported that the business owed its bank $36.5 million.

The group formerly had United Kingdom asset manager Milltrust International as a major stakeholder.

In a statement, Milltrust International said it had exited from Waitonui Milltrust Agricultural Holdings in November 2021 through the sale of its subsidiary, Milltrust Agricultural Investments (MAI), to Future Planet Capital.

“It is important to note that while Waitonui Milltrust Agricultural Holdings includes and retains the Milltrust name, Milltrust International Group no longer holds any shareholding or management role in Waitonui Milltrust Agricultural Holdings,” it said.

“The management and control of these entities were entirely transferred to new ownership post the 2021 transaction.”

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business, Dairy

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