Major Dairy Enterprise Waitonui Group Enters Receivership Amid $36.5 Million Debt
Source: The DairyNews
The large-scale dairy enterprise operating three farms in Taupō and North Otago, known as the Waitonui Group, has entered receivership. On April 15, Andrew Grenfell and Kare Johnstone of McGrathNicol were appointed as receivers by the Bank of New Zealand.
The entities under the Waitonui Group include 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.
Reports indicate that the group owes $36.5 million to its bank. Previously, United Kingdom-based asset manager Milltrust International was a significant stakeholder in the business. However, in a statement, Milltrust International clarified that they had divested from Waitonui Milltrust Agricultural Holdings in November 2021, selling their subsidiary, Milltrust Agricultural Investments (MAI), to Future Planet Capital.
The statement emphasized that despite the continued use of the Milltrust name, Milltrust International Group no longer holds any ownership or management responsibilities within Waitonui Milltrust Agricultural Holdings. The management and control of these entities were entirely transferred to new ownership following the 2021 transaction.
Reports indicate that the group owes $36.5 million to its bank. Previously, United Kingdom-based asset manager Milltrust International was a significant stakeholder in the business. However, in a statement, Milltrust International clarified that they had divested from Waitonui Milltrust Agricultural Holdings in November 2021, selling their subsidiary, Milltrust Agricultural Investments (MAI), to Future Planet Capital.
The statement emphasized that despite the continued use of the Milltrust name, Milltrust International Group no longer holds any ownership or management responsibilities within Waitonui Milltrust Agricultural Holdings. The management and control of these entities were entirely transferred to new ownership following the 2021 transaction.
