New owner for Hay Shed Hill winery

Listed wine company Australian Wine Holdings has sold Margaret River winery Hay Shed Hill to an undisclosed Western Australian buyer.

Hay Shed Hill, established in 1975, is a boutique, premium winery with 17.5 hectares of vineyards.

The sale includes the vineyard and associated trademarks, wine stocks, and plant and equipment.

AWH, headed by managing director Mike Calneggia, said the sale was above carrying value.

It is subject to obtaining the consent of secured lenders of AWL and the purchaser obtaining clear title to the Hay Shed Hill and Pitchfork trade marks.

AWH announced in July it was planning to sell "some or all of the company's assets" through a tender process to reduce debt.

Mr Calneggia advanced a $1 million loan to allow the company to proceed with an orderly sales process.

AWH's latest accounts for the half-year to December 2005 showed a 13 per cent fall in revenue to $3.3 million and a net loss of $29,000.