Former Allpress owners soon to get access to cash after sale to Asahi

Allpress Espresso founder Michael Allpress. Photo / File

The shareholders of the holding company which sold Allpress Espresso will soon get access to the proceeds of the sale, a liquidator's report shows.

Allpress Espresso was sold to Japanese beverage giant Asahi at the end of April for an undisclosed price.

A liquidator's report issued by Rachel Mason-Thomas of Meltzer Mason on September 23 for Allpress Espresso Holdings shows the company has $106.7 million available for distribution to creditors, of which $102m is cash at the bank.

Once unsecured creditor claims of $5.88m are taken into account the company has an estimated surplus of $100.8m.

The liquidation of the company is a solvent one and is being undertaken because the company has sold its business.

The liquidation is expected be completed within three months.

Mason-Thomas told the Herald she was not sure whether the cash in the bank was entirely comprised of proceeds of the sale as she had not seen the bank statements.

"It is likely that the majority of that is from the sale."

The joint shareholders of the holding company are Michael Allpress and his sister, Jane Allpress.

The Herald contacted Jane Allpress who said she had no comment to make on the sale price and said Michael Allpress would also have no comment to make on it.

Michael Allpress founded the company with a single standalone coffee cart in Auckland's Victoria Park and since then has expanded its operations to Australia, Japan, Singapore and Britain, supplying more than 1500 tonnes of coffee beans to cafes and restaurants each year.

It employs 240 staff, about 100 based in New Zealand, and holds a 20 per cent share of the wholesale fresh coffee bean market.

The acquisition has seen Asahi enter New Zealand's multimillion-dollar fresh coffee market for the first time as it looks to grow its portfolio of non-alcoholic drinks brands.

Asahi employs 400 staff in New Zealand and owns drinks brands Long White Vodka, Woodstock, Charlie's and Phoenix Organics, among others.

Michael Allpress, and his business partner, Tony Papas, began mulling the future of the business about two years ago when he turned 60.

The business was put on the market via UBS and received a number of offers both domestically and in Britain. Allpress said they decided on Asahi as they thought it would be "the best custodian of the brand".

At the time of the sale announcement Michael Allpress said: "When I started this business in Auckland more than 30 years ago, I never could have imagined the amazing journey it would take me on.

"But the time is right for the business to go to the next level. The expertise, craftsmanship and relationship-based culture it has developed mean it's very well placed to take this next step. I can't wait to see what's next for the business and the team."