Evans & Tate will sell its Mildura winery after prospective buyer, UK drinks group Neqtar, told the Australian wine producer that it had secured the necessary funding.

The A$22m (US$16.8m) sale is set to go through on 23 August, two months after Neqtar postponed the deal, blaming "volatile" equity markets for the delay.

Neqtar also confirmed today (31 July) that it will proceed with its listing on London's Alternative Investment Market. E&T will be granted options over almost 6% of Neqtar when the company is floated.

E&T managing director Martin Johnson said the sale was a "critical step forward" for the company. He added: "The sale consolidates our partnership with the Neqtar group, which is bringing significant value to Evans & Tate via our UK distribution agreements with Neqtar subsidiary, HwCg."

The Mildura deal comes two weeks after E&T sold its Barramundi winery in Griffith to California's The Wine Group in a deal worth over A$8m.