Giesen Wines has retracted the sale of its business after maintaining that all parties interested parties bid too low.

The New Zealand wine company said today (22 November), that its founding family has decided to retain the business after several "unsolicited approaches" were made to buy the business.

Family spokesman, Alex Giesen said: "My brothers and I opted in September to openly place the business on the market. While there was significant interest in the business from New Zealand, Australian and global players, their valuations were below ours.

"We have decided to continue with the business as we are confident that it has a strong independent future."

Giesen Wines is one of the largest wine companies in New Zealand with vineyard and winery holdings in Marlborough.