Crunch time for major apple company
Reading Time:2minutesLiquidators have been appointed to oversee the administration of one of New Zealand’s largest apple growers after it went into voluntary administration owing millions. Hawke’s Bay-based. . .
Reading Time:2minutesLiquidators have been appointed to oversee the administration of one of New Zealand’s largest apple growers after it went into voluntary administration owing millions. Hawke’s Bay-based Kiwi Crunch was placed into administration this week. It is the sole shareholding company in Crasborn Fresh Harvest Limited, which was put into liquidation on July 3. The action was initiated by the Inland Revenue Department over almost $20 million in unpaid taxes and penalties it was owed. Associate Judge Helen Wild granted the order, stating there was no option after the company had sought more time to secure finance for debt repayment. The New Zealand Gazette records that Kristal Pihama and Leon Bowker of KPMG were appointed joint and several liquidators to the company with creditor claims due in by August 7. Crasborn’s failure in turn saw Kiwi Crunch placed into voluntary administration on July 7 with receivers appointed to deal with assets after earlier efforts to arrange finance failed and ASB Bank actioned their appointment. Kiwi Crunch is a shareholder of several related entities and is in turn owned by Consolidated Fruits, with Auckland ex-accountant Wade Glass and Natalie Watson listed as shareholders. National Business Review reported last week that Glass struck a deal to buy the second largest apple grower in South Australia, just days after the IRD advertised its intent to liquidate the company. Consolidated Fruits is the umbrella company for three produce brands, Kiwi Crunch, Prunus Orchards, an Otago cherry brand and grower, and CAJ, a central Otago-based apple grower. Kiwi Crunch’s website says the company owns two packhouses in Hawke’s Bay and has over 450 hectares of prime growing land. When combined with CAJ and Prunus Orchards land holdings the company manages over 880ha producing 30,000 tonnes of apples, 180t pears and 750t of cherries annually. Exports globally include 30 countries and in 2024 it was a recipient of the Excellence in Sustainability award at the Export NZ ASB Hawke’s Bay Export Awards. Kiwi Crunch’s failure marks ongoing ruptures within the apple industry, with Rockit Apples experiencing challenges to pricing and volumes in the past year that have left many growers making a loss on the fruit. That label has suffered orchard failures, including MyFarm’s partnership with the company in Rakete Orchards, which accumulated $12m in debt before being liquidated.