Bidders keen for E&T

The receivers of collapsed Margaret River winery Evans & Tate will spend an additional fortnight discussing the sale of the business with five potential bidders after receiving strong interest in the group’s assets.

Several big-name operators have been linked to the E&T sale process, including Foster’s Group and South Australian winery Yalumba.

Also speculated to be running the ruler over the operations is Heytesbury’s Vasse Felix winery.

De Bortoli Wines has reportedly confirmed its interest in buying E&T, while a joint venture between McWilliam’s Wines and Peter Fogarty’s Pendulum Capital, which pulled the pin on a restructure proposal in August and triggered the appointment of receivers to E&T, has expressed interest.

An industry source told WA Business News E&T could fetch as much as $70 million, with the amount of stock the business is carrying now viewed as a positive due to reduced grape supplies on the east coast.

It is understood the interested parties have met with E&T management and visited E&T vineyards, and that receiver McGrathNicol had expected to close the due diligence period this week.

McGrathNicol partner Peter Anderson said he initially planned a “slightly compressed” sale process to try and get a new buyer into the business well ahead of the busy Christmas period.

However, he said the level of interest in E&T had pushed the sale process back by a few weeks.

Heytesbury chief executive Paul Homes a Court did not return calls made by WA Business News.

A spokesman for Foster’s declined to comment.

Yalumba director of winemaking Brian Walsh denied his company was involved in making a bid.

“It’s news to me,” Mr Walsh said.

Sandalford Wines has also been rumoured to be looking at E&T but Sandalford managing director Grant Brinklow denied talk it or its owner, Peter Prendiville, were involved in any deal to buy E&T.

“We have enough opportunities with our own business,” Mr Brinklow said. “We are not involved in any bid for Evans & Tate and neither is Peter (Prendiville).

“We are expanding the concert side of our business and we will be building accommodation in the Swan Valley.”