AUS: Barossa Valley Estate calls in receivers
The winery appears "under-capitalised" according to the receivers
Barossa Valley Estate (BVE) has appointed receivers to take control of its assets, with the winery set to go up for sale.
The South Australian company, whose labels include Ebenezer and E&E Black Pepper Shiraz, called in corporate advisory firm McGrathNicol last week. Sam Davies, a McGrathNicol partner, said the company was "under-capitalised”, but that it was too early to determine all the reasons for its failure, according to a statement published by WBMonline.
Operations are continuing “as normal”, while an urgent assessment is undertaken of the requirements for the upcoming vintage, including existing contract processing arrangements, McGrathNicol said.
BVE, which includes a 41-hectare vineyard and 4,000 tonne annual crushing capacity winery, would soon be put up for sale on a “going-concern basis”, Davies said.
The company was previously run as a JV with Constellation Brands, until the US firm sold its 50% stake to a consortium of growers in March 2011.
Australia's wine industry continues to face tough times as Casella last week reported its first losses in 20 years.
Glazer's has raised its profile in Tennessee through the purchase of another distributor in the state....
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