Foley Family Wines warns of challenging year ahead on earthquake damage, fall in sales

Wed, 23 Nov 2016

By Edwin Mitson Nov. 23 (BusinessDesk) - Foley Family Wines, which operates through brands including Vavasour and Martinborough Vineyard, has warned investors of a challenging period ahead, partly as a result of the Kaikoura earthquake. The quake caused significant damage to storage tanks at the Grove Mill winery in Marlborough, with some bulk wine lost. There was a small amount of damage to vineyards, with minimal damage to finished goods and buildings. Last week, the company said it was clear the damage would be more than its insurance...

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