The Post 21 Feb 2024
As a run of hard luck threatened to drag Wairarapa’s famous wine and food festival down, one of the most influential industry players stepped in to save the day.
The Covid-19 pandemic, poor weather and increased compliance costs had caught up with the trust – that runs Toast Martinborough, but Foley Wines has offered to take ownership of the event that has been running for more than 30 years.
In a difficult financial situation, Toast Martinborough’s board attempted to raise capital from its shareholders but could not pull together the necessary funds to meet its obligations.
Foley Wines offered to buy out shareholders and pay outstanding debts with suppliers. The board unanimously accepted its offer.
Foley chief executive Mark Turnbull said they were excited by the opportunity to take over custodianship of the event and they were keen to revitalise its format for the future.
This could mean changing the time of year and possibly shifting it from a Sunday to a Saturday. “You know what the weather’s like in November — four seasons in one day.”
“While the strategy is still evolving, our team intends to work collaboratively with the community to ensure Toast Martinborough remains an iconic event for years to come,” Turnbull said.
The international company has deep ties to South Wairarapa. It owns Te Kairanga and Martinborough Vineyard wineries, the Lighthouse Gin distillery, and the recently opened $10 million development The Runholder.
American billionaire Bill Foley is a majority shareholder, and he also has other assets in the region including Wharekauhau Country Estate, and Wellington’s Pravda, Shed 5, and Crab Shack.
Turnbull said Foley was intensely interested in Wairarapa and was on board with the decision to buy out the event. “His family love Toast. We’ve just got off a call with some of his senior people in the US with some ideas from Sonoma and Napa festivals.
“He’s definitely keen and he’d much prefer coming in February when it’s a bit warmer.” Turnbull wouldn’t say the level of investment they were making in the event, but it was important that they looked after the region and cleared the trust’s debts. “I believe it brought in about $15 million to the region from Toast and that’s really important for everyone, so that was our motivation.
“And it was also about making sure that the people that were owed money were paid.” Foley Wines also covered Toast’s $5000 pledge to the Martinborough Youth Trust, which will be matched by Wharekauhau Country Estate and Foley Hospitality, bringing the donation total to $10,000.
Former Toast Martinborough board chair Pete Monk said the festival had faced hurdles in recent years and was thankful that Foley Wines could step in. “The past few years have posed significant challenges,” he said.
“This outcome hands over custodianship to one of our founding shareholders, meaning the festival is in excellent hands for its next chapter.”
