Reynolds Wines' assets have been sold, according to reports over the weekend. The Australian newspaper said Babcock & Brown investment bank is believed to have acquired the failed wine group's assets for around A$30m (US$21.7m).

Reynolds was placed in voluntary administration in August 2003. KPMG, the company's receivers, subsequently put Reynold's assets on the market. Babcock & Brown was one of two shortlisted tenderers, the other was International Wine Consultants.

A proposal to liquidate Reynolds will be voted on by creditors when they meet tomorrow (Tuesday 25 November).