Foley keen to add more vineyards as part of export expansion

(NZH) - American billionaire Bill Foley's wine business wants more New Zealand vineyards as demand for its brands increases.

Mark Turnbull, chief executive of the NZX Alternative Market-listed Foley Family Wines, said new purchases around the Blenheim and Martinborough area would complement existing operations and secure the future supply chain.

"We want to increase our presence and build more scale in New Zealand," Turnbull said, explaining how buying near existing vineyards made sense.

"You don't want to be dragging gear 40km away from one vineyard to another. We're looking for synergies when we evaluate opportunities, primarily in the back office and marketing, as well as finding the right distribution channels around the world," he said.

Foley Family Wines could begin bottling for other vineyards after upgrading its Grove Mill bottling line.

"We spent around $1 million. We're doing our own in-house bottling and we've committed to a second shift," Turnbull said.

Foley vineyards had sold around 400,000 cases of wine in the last year but that could rise to as much as 550,000 cases next year because of the weather and excellent growing conditions, Turnbull said.