FFWL Ltd, the parent company that owns the Villa Maria business, has been placed in receivership.
Brendon Gibson and Neale Jackson of Calibre Partners have been appointed as receivers to FFWL Ltd.
“This action does not affect Villa Maria, which is trading profitably and continues to trade as normal," said Gibson.
"Villa Maria has been working through a well-publicised process to identify the best options to raise capital. Both a new investment or a sale of shares in Villa Maria were on the table. It is now clear that a sale of the shares in the business will occur. We will assess the position and then focus on completing a sale of the shares.
We look forward to the support of Villa Maria’s customers and suppliers, all its staff and its directors, as we work through this process. We will make a further announcement once we have further clarity.”
The receivership only affects FFWL Ltd. FFWL’s receivership does not affect Villa Maria’s New Zealand operating business or its offshore subsidiaries. These trading companies are not in receivership or any similar process.
Receivers have only been appointed to FFWL Ltd. FFWL is the parent company of Villa Maria Estate Ltd, which trades the Villa Maria business. Villa Maria is not in receivership.