News

AUS: Evans & Tate turnaround bid continues

Most popular

Hard coffee founder details Diageo lessons

The just-drinks Analyst returns

How will Diageo change Cuban rum?

The just-drinks Analyst returns

What effect does alcohol have on obesity?

MORE

Evans & Tate has completed the sale of its bulk wine inventory but said it would work with consultants 333 Performance Management for a further three months in a bid to turn around the business.

The troubled Australian wine producer said that it sold 102,000 hectolitres of bulk wine at an average price of A$0.35 (US$2.59) per litre, a price it deemed "reflective of current market conditions".

Record vintages in 2004 and 2005 had led to excess supply at Evans & Tate, which the company could not sell due to a slump in domestic sales.

Business consultants 333 Performance Management have worked with Evans & Tate since June in a bid to turn the company around. Evans & Tate said it would continue to work with the consultants for a further 90 days as it undergoes a restructuring process, under new chief executive Martin Johnson.

Chairman John Hopkins told shareholders at the company's AGM today (30 November) that Evans & Tate was targeting higher revenues and lower costs but warned difficult trading conditions would continue.

"There is no doubt that the wine industry is going through tough times and we have to ride it out," he said. "We can't predict how long this will last."


Sectors: Wine

Companies: Evans & Tate Wine Group

Related Content

Stock Spirits hails

Stock Spirits hails "stabilisation" in 2017 as turnaround continues - results...

AUS: Treasury Wine Estates to fund brand investment with US$30m cost savings

AUS: Treasury Wine Estates to fund brand investment with US$30m cost savings...

Comment - Foster's Group wine bid adds fizz to takeover talk

Comment - Foster's Group wine bid adds fizz to takeover talk...

Evans & Tate looks to reverse fortunes

Evans & Tate looks to reverse fortunes...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..



Forgot your password?