WA based wine group Evans and Tate Ltd has sold its Barramundi winery at Griffith, in New South Wales' Riverina district.
WA based wine group Evans and Tate Ltd has sold its Barramundi winery at Griffith, in New South Wales' Riverina district.
Binding agreements for the asset sale and for wine storage have been entered into with TWG Australia Pry Ltd. Settlement is scheduled to be completed by August 11.
The total consideration is expected to exceed $8 million, which is slightly above book value. The exact amount is to be determined post settlement. Proceeds from the sale will be used to repay debt and meet restructuring costs.
Evans and Tate managing director Martin Johnson said the sale was a positive step towards delivering the company's turnaround strategy.
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