Cosentino Signature Wines has said it expects to make savings having cut debts.

The AIM-listed Napa Valley wine company said today (15 August) that it has reduced its debt by about US$20m with a sale and leaseback of winery estates and can expect to report annual combined net interest and rental cost savings of US$310,000.

The company said it has now organised a 2% reduction in the interest payable from its previous borrowing rate as well as having established a new $12m credit line facility.

Cosentino added that it also expects a reduction in annual depreciation by about $765,000.

The company is scheduled to publish its full interim results for the six months to the end of June in September. Last month, Cosentino posted a 62% leap in sales for the first half of this year, thanks to a change in management in February.