Foley Wines has acquired the wine and food festival Toast Martinborough.

The acquisition came following Toast Martinborough’s failure to raise fresh capital from its shareholders.

As the festival owners explored alternatives, Forley Wines offered to buy out shareholders and provide the required funds to settle outstanding debts with suppliers.

“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,” said Foley Wines CEO Mark Turnbull.

“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.”

Foley Wines will also cover Toast Martinborough’s $5000 pledge to the Martinborough Youth Trust and will be matched by Wharekauhau Country Estate and Foley Hospitality, taking the total donation to $10,000.

The funds are earmarked for the Pump Track Project, a community-driven initiative to build a pump track in Considine Park.

Toast Martinborough’s ticketing provider, ITicket NZ will reach out to existing ticketholders for this year’s event to advise them on their next steps and options.