Following its merger with Cranswick Premium Wines, Evans & Tate, has announced it plans to sell off surplus assets owned by Cranswick, including two aeroplanes, in a move aimed at improving the returns on the merger.

The two companies finally agreed new merger last month and expect to complete the merger by mid-February next year, Evans & Tate chairman and CEO, Franklin Tate, said.

Included in the asset sale will be a Cessna 424 in the US and a King Air 10-seater, owned by Cranswick, which are expected to be sold for around $1.3m. "The planes have to go," Tate said. "We don't have a problem with aviation - we just don't think a small public company should be in the aircraft business."