Toast eaten by Foley Wines

U.S.-based Foley Wines has taken over Toast Martinborough, ingesting the long-running festival into its growing portfolio of wine, food and hospitality activities across New Zealand. 

After a cash-raising effort by the Toast Martinborough board failed to raise enough capital to cover the shortfall from the 2023 Toast Martinborough event, Foley stepped in. 

Its offer “to buy out shareholders and provide the necessary funds to settle outstanding debts with suppliers” was accepted by Toast’s board.  

Foley Wines described the 30-year-old annual festival as “iconic” when it announced the take over.

Owned by American investor Bill Foley, Foley Wines is already deeply involved in Martinborough, owning Te Kairanga and Martinborough wineries, Lighthouse Gin distillery and the recently opened The Runholder wine cellar, distillery and dining centre.

Foley also owns Wharekauhau Country Estate, Wellington’s Pravda, Shed 5, and Crab Shack as well as wine and entertainment units in Central Otago (Grove Mill, Vavasour, Mt Difficulty wineries) and Auckland.

In a statement announcing its buy-out, Foley said its move “comes at a time when the festival, like many other businesses in the hospitality sector, faces challenges exacerbated by the impact of Covid-19 and unfavourable harvest conditions,” as well as “financial constraints.”

The 2023 edition of Toast Martinborough reportedly fell short of the expected annual turnout of around 9,000  punters.

Foley Wines said its ready to revitalise the festival and its format, with CEO Mark Turnbull noting the “initial view is that the festival may be better suited to February rather than November, and a Saturday rather than a Sunday, though further details will be provided in due course.”

Pete Monk, former Chairman of Toast Martinborough, acknowledged the hurdles faced by the festival in recent years.

“Toast has been an iconic event in the Wairarapa for three decades. However, the past few years have posed significant challenges,” Monk said. 

“This outcome hands over custodianship to one of our founding shareholders, meaning the festival is in excellent hands for its next chapter.”

Foley Wines also stepped up to cover a $5,000 pledge to the Martinborough Youth Trust for the  Considine Park Pump Track, previously made by Toast Martinborough. The donation is being matched jointly by Wharekauhau Country Estate and Foley Hospitality, bringing the total to $10,000.

Foley’s statement also noted: “Toast Martinborough is the must-do annual event for lovers of fine wine and great food – people who want to assemble their crew and have a great time.” 

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