Screw tightens for Marlborough vintners
A number of wineries in Marlborough, New Zealand - known as the home of Cloudy Bay - have gone into receivership, raising concerns for the country's wine industry.
Cape Campbell Wines, which has been established in Marlborough for 30 years, has entered voluntary receivership along with its affiliate companies, decanter.com reports, following Gravitas and Awatere Vineyard Estates.
The unfavourable exchange rate of the New Zealand dollar is partly to blame for the country's troubles, said New Zealand Wine Growers Association European director David Cox.
"For some (not all) of those wineries who are exporting Sauvignon Blanc, this has been compounded by the over-supply of Sauvignon Blanc from the large 2008 and 2009 vintages," he added.
New Zealand's vintners may take solace in the fact that the government this year announced plans to invest in a campaign promoting some of the country's finest wines, including Cloudy Bay and Nautilus Estate, to the US market.