One of New Zealand’s leading cherry producers, Cherri Global, has officially entered liquidation after months of financial difficulties and failed attempts to raise new capital.
The decision was formalized on March 8 through a special resolution by shareholders. Creditors have until April 8 to submit their claims to the appointed liquidator, auditing firm PwC New Zealand.
Founded in 2017 by Phil Alison, former shareholder of Rockit Global (previously Havelock North Fruit Company), Cherri Global quickly expanded its operations, managing 10 orchards across Hawke’s Bay and Central Otago by 2021, covering a total of 165 hectares.
That same year, the company raised 15 million New Zealand dollars (approximately 8.58 million US dollars, 7.94 million euros) with the goal of doubling its production. The export brands Cherri and Delicious were primarily aimed at the Chinese and Vietnamese markets.
However, in recent months, Cherri Global, along with its subsidiaries Cherri Holdings and Cherri Machinery, has faced increasing financial difficulties. According to PwC's initial report, the company has accumulated debt amounting to approximately 42 million New Zealand dollars (24.01 million US dollars, 22.24 million euros), with over 30 unsecured creditors.
The New Zealand cherry industry is highly competitive, with about 90% of production destined for export, mainly to Asian markets.
While cherry cultivation offers potentially high profit margins, the initial investment is substantial. In New Zealand, planting costs range from 150,000 to 200,000 New Zealand dollars (86,000-114,000 US dollars, 79,400-105,900 euros) per hectare, excluding essential infrastructure expenses such as packing facilities and refrigerated storage.
The case of Cherri Global highlights the challenges and risks of an industry that, despite offering significant opportunities, requires substantial investment and strong financial management to remain competitive in international markets.
Source: producereport.com
08 Apr 2024
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