Boyar Estates, Bulgaria's largest wine producing/exporting company, has streamlined its holdings in northern Bulgaria with the sale of its Vinprom Rousse winery, which will become MMVZ Rousse EOOD under its new Russian owners. A price for the sale was not disclosed.

The move will see Boyar concentrate the bulk of its winemaking into its three principal production facilities: its flagship US$15m Blueridge winery at Sliven, the recently modernised Korten Estate near Nova Zagora, and Domaine Boyar Shumen. 

The deal has taken some six months to broker. Having significantly reduced its overheads, Boyar Estates will now focus investments towards increasing its private landholding, marketing existing products and developing innovative new lines.

Margo Todorov, CEO Boyar Estates, said: "This is a very positive transitional development for Boyar Estates.  A great deal of capital was tied up in superfluous fixed assets, slowing growth potential in other areas.  We have negotiated a more beneficial financial agreement with our investors, and the proceeds from the sale will help fund the growth of private vineyards, New Product Developments and the international marketing of our brands.

"In addition, one key aspect of the agreement with the new owners of Rousse was our insistence that the full oenologist team remain in place, as we will continue to make use of this excellent winery and market the wines to our customers."