Blandy family buys back Madeira Wine Company from SFEDaily wine news - the latest breaking wine news from around the world News News Wine News http://www.decanter.com/news/wine-news/527663/blandy-family-buys-back-madeira-wine-company-from-sfe http://decanter.media.ipcdigital.co.uk/11150/0000017db/d9b8_orh100000w160/Blandy.jpg http://decanter.media.ipcdigital.co.uk/11150/0000017db/9478/Blandy.jpg
- 2011-06-02T10:22:00+01:00 Thursday 2 June 2011
Under the terms of the deal, previous majority shareholder Symington Family Estates – owner of famed Port houses including Warre’s, Graham’s and Dow’s – will maintain a minority stake in the business.
Symington will also continue to distribute MWC’s Madeiras through its associated distribution companies, including John E Fells in the UK, Premium Port Wines in the US and Portfolio in Portugal.
‘I am delighted that this agreement has been reached in this, our bicentennial year in Madeira,’ said Blandy’s chairman Michael Blandy.
‘This investment demonstrates the Blandy Group’s continued strategic commitment to the economy and society of the island of Madeira, which will be complemented by continued expansion of our hotel investments both across Portugal and internationally.’
Symington Family Estates chairman Paul Symington said the timing of the deal in Blandy’s bicentennial year was ‘apt’.
He added: ‘My family wishes to concentrate its efforts on rebuilding the Cockburn’s Port brand and in managing our vineyards in the Douro, as well as other important projects that we have in hand.’
Symington bought the Cockburn’s Port brand from US company Beam Global in October last year.