New Zealand grower-marketer estimated to owe NZ$42mn to more than 30 creditors
One of New Zealand’s largest cherry growers, Cherri Global, has gone into liquidation, according to reporting from Farmers Weekly.
According to the publication, Cherri Global, including its subsidiary companies Cherri Holdings and Cherri Machinery, was placed in liquidation on 8 March through a special resolution of shareholders.
Janet Sprosen and Stephen White of PwC New Zealand were appointed liquidators.
The first report from PwC has revealed more than 30 unsecured creditors are owed approximately NZ$42mn. These likely include founder Phil Alison and his family, wholesale investors, and loans among the three inter-related companies. Spark, the Ministry for Business, Innovation and Employment, and PGG Wrightson are among the group of disclosed creditors.
Alison also founded New Zealand’s snack-sized apple company, Rockit Apple, which he sold in 2017 before switching gears and planting cherry orchards. By 2021, Cherri Global had 10 orchards spanning 165ha. The same year Alison raised NZ$15mn, with plans to double the footprint, according to Farmers Weekly.
According to The Companies Register, Cheri Global’s 70 per cent major shareholder is PJAFT, owned by Alison and family members.