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The move by the directors of MyFarm’s Rākete Rockit apple orchard to place the operation into voluntary administration marks the second major orchard failure in seven days, coming on the heels of the $41 million Cherri Orchard’s receivership.
MyFarm director and founder Andrew Watters confirmed to Farmers Weekly that the move had taken place.
The decision was initiated by directors who have appointed Rees Logan and George Bannerman of BDO (Auckland) as the administrators.
The Rākete Partnership formed between MyFarm and Rockit Global leased and funded the planting of 55 hectares of Rockit apples across six orchards in three distinct growing areas of Hawke’s Bay.
The total investment…