McWilliam’s Wine Group has entered voluntary administration, The Australian has reported tonight.
“It comes 12 months after the company was forced to seek an urgent capital injection and pursue asset sales after it breached some of its lending convenants and posted a $5.5 million annual lost,” the report says.
McWilliam’s – Australia’s sixth-largest wine company – is part of Australia’s First Families of Wine.
McWilliam’s chairman Jim Brayne told The Australian, “A number of factors have contributed to a decline in business performance, including evolving structural market dynamics and capital investments.
“We will work closely with the administrators during the process in order to strengthen the prospects of a positive outcome for all involved.”
KPMG partners Gayle Dickerson, Tim Mableson and Ryan Eagle have been appointed voluntary administrators.
“We are seeking expressions of interest to recapitalise or acquire the group to take this heritage brand forward in the future both locally and globally.
“The company will continue to operate as normal and we are working with the McWilliam’s family with the support of its employees while we work hard to try to preserve one of Australia’s oldest winemakers.”
A meeting of the creditors of the company has been scheduled for 20 January.
McWilliam’s history stretches back to 1877.