UK: Indage, Broadland Wineries deal falls through
The takeover of UK-based Broadland Wineries by a division of Indian wine group Indage Vintners has fallen through.
A source familiar with negotiations told just-drinks today (9 January) that Indage UK was unable to raise the funds needed to buy a 100% stake in the Norfolk-based winery.
It is understood that negotiations came to an end because "certain contractual obligations could not be met".
Broadland, which has a 75-strong workforce, emerged from administration in early 2007 under a company voluntary arrangement - a private agreement between the company and its creditors.
The deal with Indage could have seen speedier repayment of the wineries debts.
As to whether another buyer may be sought for the winery, the source said that the shareholders may consider an offer if a "large sum of money" was put forward.
Broadland Wineries is a producer of fruit, tonic and mulled wines, perry and ciders and is also a contract packer of imported wines.
When contacted by just-drinks, Broadland CEO Mark Lansley said: "Our sales are up 25% on last year and we are making a small profit so we have a good future ahead of us. We have also just launched our own brand, Belgars."
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