Food and wine festival Toast Martinborough has been sold to Foley Wines, with the 2024 event cancelled amid plans for a revamp.

In a statement announcing the purchase, Foley Wines said that it comes after the festival experienced challenges “exacerbated by the impact of Covid-19 and unfavourable harvest conditions”.

Foley Wines presented an offer to buy out shareholders after the Toast Martinborough board initiated an ultimately unsuccessful capital raise amongst existing shareholders.

The company’s purchase offer provided the necessary funds to settle outstanding debts with suppliers and shareholders voted unanimously for the company to take over the event.

A statement on the Toast Martinborough website says: “The decision has been made not to host a festival in 2024… Toast Martinborough thanks you for your continued support of the festival and looks forward to bringing you an even better Toast in 2025.”

Foley Wines – already deeply ingrained in the Martinborough community through Te Kairanga and Martinborough Vineyard wineries, the Lighthouse Gin distillery, and the recently opened Runholder – says it is “poised to revitalise the festival and its format”. It says the acquisition also aligns with the wider Foley business’ broader interests in the region, including Wharekauhau Country Estate, and Wellington’s Pravda, Shed 5, and Crab Shack.

Foley Wines CEO Mark Turnbull says it’s an exciting move for the business, which is committed to maintaining the iconic 30-year history of the festival while ensuring it remains relevant for the future. “While the strategy is still evolving, our team intends to work collaboratively with the community to ensure Toast Martinborough remains an iconic event for years to come,” Turnbull says.

“Based on feedback from festivalgoers, our 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.”

Existing ticket holders for the 2024 event will be contacted directly by Toast Martinborough’s ticketing provider, iTICKET NZ, to advise next steps and options.

Pete Monk, former Chairman of Toast Martinborough, acknowledged the hurdles faced by the festival in recent years and expressed gratitude that Foley Wines could step in. “Toast has been an iconic event in the Wairarapa for three decades. However, the past few years have posed significant challenges,” Monk says. “This outcome hands over custodianship to one of our founding shareholders, meaning the festival is in excellent hands for its next chapter.”