Evans & Tate in receivership
Published:  22 August, 2007

Australian wine producer Evans & Tate has been put in receivership after efforts to restructure the struggling group failed.

The group’s banker, Australia and New Zealand Banking Group, appointed administrators McGrathNicol to take control of its assets and operations on Aug 20 after the company’s board decided to place it in voluntary administration.

Margaret River-based winemaker Evans & Tate, which produces brands such as Barramundi, X&Y and Evans & Tate Classic, employs 160 people and has an annual revenue of about AU$75 million.

Latest efforts to restructure the business using Pendulum Capital and McWilliams were dissolved on Aug 17 after it emerged that a number of conditions precedent to the deal would not be satisfied.

Peter Anderson of McGrathNicol said his team would be working together with the group’s employees to ensure customer needs were met whilst they found a buyer for the business.

He said: “Evans and Tate owns quality assets including highly respected and strongly supported brands. The level of interest in acquiring those assets is very high and as such I am confident that a going concern sale of the assets and business of Evans & Tate will be achieved in the near future. We will be commencing the sale process immediately.

“We look forward to continued support from Evans & Tate’s customers, employees and suppliers whilst we implement the necessary sale process.”

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