Stormhoek finds buyer
January 18, 2008
By Maggie Rosen
A preferred bidder for Stormhoek has been identified, with the sale expected to be completed next week.
Menzies Corporate Restructuring, administrators for collapsed wine company Orbital, would not reveal the buyer while the due diligence process is still underway.
However spokesperson Paul Corlett confirmed the buyer is an existing wine company.
Corlett said he was impressed by the speed with which the transaction appears to be evolving within two weeks of the collapse of Stormhoek owner Orbital Wines Ltd along with parent company Bulk Brokers.
'We had a good response from a lot of companies, said Corlett 'Stormhoek is a money maker, and there is a lot of support for this brand out there. '
The unnamed buyer is also considering whether to buy Orbital's other brands, notably Camden Park.
Nick Dymoke-Marr, who launched the Stormhoek brand for Orbital, said he is not involved in the sale, and is evaluating other projects.
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