AUSTRALIA: Evans & Tate end in sight - report

By just-drinks.com editorial team | 6 December 2007

The sale of Evans & Tate is finally expected to close next week, local reports have claimed.

Citing the ailing winemaker's receivers today (6 December), Australian Broadcasting Corporation said that the sale of E&T's operations should be completed in the next few days.

In October, family-owned McWilliams Wines was confirmed as the preferred buyer for E&T's Margaret River business, the company's biggest operation, which includes the brands Margaret River Classic, Evans & Tate Margaret River, Gnangara, The Reserve and X&Y. The intended sale price was not disclosed at the time, but is believed to be close to the A$100m (US$89.8m) E&T owes its bank, ANZ.

Receivers are thought to be in discussions with potential buyers for E&T's Oakridge winery in Victoria's Yarra Valley, its only other significant asset, however no return is expected to be made to unsecured creditors owed more than $48m.

Sectors: Wine