Award-Winning Distillery Collapses as $1.24 Million Debt Forces Liquidation

(Photo: National Distillery Company)

An award-winning New Zealand craft distillery known for its gin, whisky and limited-edition Hot Cross Bun Vodka has entered voluntary liquidation after accumulating more than NZ$2.2 million (US$1.24 million) in debt, the New Zealand Herald reported.

The National Distillery Company, based in Napier, was placed into liquidation on June 15, according to filings by appointed joint liquidators Adam Botterill and Damien Grant.

Founded in 2019 by Blair Nicholl and Ricardo Reis, the Napier-based distillery produced gin, vodka, rum, whisky and a range of limited-edition spirits.

Despite its financial struggles, the distillery had built a strong reputation on the competition circuit, earning 11 gold medals at the New Zealand Spirits Awards over the years, including four gold medals in 2025.

According to the liquidators, the business struggled with the lingering effects of COVID-19, severe weather that impacted New Zealand’s Hawke’s Bay region, including Cyclone Gabrielle, and difficult trading conditions.

The report says the company owes approximately NZ$2.24 million to 18 creditors. Among the largest debts are NZ$740,000 owed to New Zealand Customs, NZ$731,000 owed to ANZ Bank and NZ$627,000 owed to Inland Revenue. Staff entitlements total about NZ$14,000.

The liquidators also disclosed the business was sold before entering liquidation and said the transaction will be reviewed as part of the insolvency process, and that a prospective buyer has already been identified and is conducting due diligence, according to the New Zealand Herald. The proposed transaction would include certain assets, intellectual property and the company’s brands, although The National Distillery Company itself would remain in liquidation.

In addition, the liquidators are investigating whether any insolvent transactions occurred or whether company officers breached their legal duties before the business entered liquidation. A preliminary investigation is expected to be completed within one month.

It remains unclear when the liquidation process will conclude.

The National Distillery Company operated from the coastal suburb of Ahuriri in Napier and built a reputation for experimenting with limited-edition flavored spirits alongside its core whiskey and gin portfolio.