Gravitas Wines in hands of receivers

Gravitas Wines, a winery set up in 1993 by ex-merchant banker Martyn Nicholls in the upper Wairau Valley in Marlborough, is in receivership.

Richard Simpson and David Ruscoe of GrantThornton were appointed by a bank last week.

The company is continuing to trade and the receivers said it was too early to give figures for the amount owed or amount likely to be recovered.

The company said on its website it had sold more wine in the past four months than it did in nearly a year.

Nicholls and his partner, Debbie Argus, were badly injured in a motorbike crash in January last year. Argus was diagnosed with cancer afterwards and died about a year ago, the Marlborough Express newspaper reported.

Nicholls denied speculation that the vineyard was for sale. A sale is now a likely option for receivers.

- NZPA