Sale of James Estate Wines
6 January 2015: James Estate Wines has been sold to ROI Unit Trust. The sale was completed on 22 December 2014.
The sale was achieved by Neil Cussen and Vaughan Strawbridge, who were appointed Receivers and Managers of seven companies trading the businesses of Print National and James Estate Wines on 28 August 2013.
The James Estate Wines business consists of vineyards, winemaking facilities and a cellar door operation located at Baerami in the upper Hunter Valley region of NSW. A second cellar door operates at Pokolbin in the lower Hunter Valley.
The purchaser of both properties, plant and equipment, wine, cattle and intellectual property of the business is ROI Land & Hedging Pty Ltd as trustee for ROI Unit Trust, the purchasing vehicle for Mr Sam Fayad, Managing Director of Dyldam Developments.
Receiver and Manager Neil Cussen said: “This is an excellent outcome for the James Estate Wines business, its employees and suppliers.
“Immediately on our appointment in 2013, we began preparing both businesses for sale, with the printing part of the group sold in November 2013.
“James Estate Wines continued to trade and this has been made possible thanks to the commitment of many stakeholders, including employees, suppliers and customers.”
The Receivers oversaw the 2014 grape harvest and then commenced a sale marketing campaign in March. Negotiations took place with a number of interested parties, with the sale agreed in September, and settled on 22 December 2014. Twenty James Estate Wines employees have transferred to the new owner.
“I am particularly pleased that we have been able to ensure ongoing employment for the winery’s staff. Their work during an uncertain period has been invaluable in positioning the business for a successful sale,” Mr Cussen said.
Other details of the sale transaction are commercial-in-confidence.
Deloitte Restructuring Services has successfully sold a number of businesses out of administration and receivership in recent years. These include:
- Custom Coaches Pty Ltd – August 2014
- Black Swan – June 2014
- Tamar Valley Dairy – November 2013
- R.L. Buller & Son Pty Limited (Buller Wines) – August 2013
- Payless Shoes Pty Ltd – March 2013
- Retail Adventures Pty Limited – February 2013
- Australian Convenience Foods Group Pty Ltd – September 2012
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