Tuesday, 16 April, 2024
Just Drinks, Jessica Broadbent
Accolade Wines has urged red-grape growers in the Riverland region of Australia to accept a buyout package as the company attempts to stem historic wine oversupplies.
The Banrock Station brand owner has purchased all grapes grown by members of the CCW co-operative for around 25 years but today (15 April) made an offer to reduce volume requirements.
It follows a restructuring announcement in February to salvage Accolade’s “unsustainable balance sheet”, which saw investor consortium Australian Wine Holdco take equity ownership.
Today, the group told growers its proposed deal was the “only option that allows CCW’s growers and Accolade to remain viable”.
Accolade Wines CEO Robert Foye said: “As an industry, for us to continue as if no response is required simply isn’t sustainable. We have a shared responsibility to face into this challenge and respond.”
Click HERE to read the full article.