Winery seeks $3.5m to cash in on US market

By Nick Smith

Friday 21st June 2002

SAMPLE: Bruce McCutcheon (left) and Steve Bird sample product

American wine writer Harvey Steiman is effusive about Tauranga-based winery, Thornbury.

The editor at large for Wine Spectator, the US bible for wine buffs, said he was impressed with Thornbury's Sauvignon Blanc and Chardonnay, which "stand out from the crowd for their intensity of flavour and extraordinary sense of balance."

Mr Steiman recently awarded Thornbury's Marlborough Sauvignon Blanc 2000 93 points (out of a possible 100), the highest rating for other leading Kiwi wines, including Cloudy Bay.

Of the 2000 vintage, Mr Steiman said the style emphasised "brazen fruit on a silky texture."

This week, multi-award winning Thornbury is seeking $3.5 million in new investment, with the assistance of boutique investment company Waitiri Capital, to boost its export operation.

Ideally it is looking for one main partner but more importantly, it is seeking people passionate about wine and who share Thornbury's export-driven vision.

Thornbury exports more than 90% of its wines, most of it to the US, where it is enjoying a high profile, thanks in part to Mr Steiman's reviews.

Thornbury winemaker Steve Bird: "To get a score like this from Wine Spectator is better than winning a gold medal or a trophy here because ... [the magazine] is an internationally recognised and respected publication.

"It is the voice of the American wine industry and in the English-speaking world, it rates first or second in terms of importance."

Of course, such recognition is putting the pressure on production, which Thornbury director Bruce McCutcheon admits is a drop in the bucket compared to other wineries.

"We could sell five times as much as we are making," Mr McCutcheon said.

The winery was based on developing a top-shelf product, and having achieved that goal in five years, the company was concentrating on capital expenditure on its infrastructure, he said.

It produced 12,500 cases in 2001, is looking to top 20,000 next year, 30,000 by 2004 and 46,500 cases in 2006.
Because of its comparatively small output, Thornbury decided to position itself in the "ultra-premium price bracket" and sell to the international market, Mr McCutcheon said.

Thornbury needs more vineyards, presently relying on its sites at Gimblett Rd in Hawke's Bay, and Marlborough.

Although there is still a market for "bloody good Chardonnay," Mr McCutcheon said the company was concentrating on its Sauvignon.

Hence, the need for more Marlborough vineyards because Marlborough Sauvignon sells overseas.

"The world says Marlborough Sauvignon Blanc is the best ... and they don't even know where Marlborough is.

"People like Cloudy Bay, which has put Marlborough Sauvignon Blanc on the map."

Thornbury also makes a Hawke's Bay Merlot, a Pinot Noir and Pinot Gris.

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