Evans & Tate, Australia’s sixth largest producer has called in the administrators.

It is the end of an 18-month struggle for survival yesterday for the embattled wine company, which owes US$100m (£40.3m) to its bank ANZ.

However, on 17 August this investor group told Evans & Tate it was ‘not satisfied with the results, and that they reserved their rights to terminate…after Friday 24 August’.

Evans & Tate was also told that 25% of its shareholders would not support the restructuring plan. This caused ANZ to refuse to give any further financial support leaving the board no further options. The company has around 160 employees.

Evans & Tate has appointed Ferrier Hodgson as administrator. ANZ has appointed McGrath Nicol as receivers and managers, to look after its interests as a secured creditor.

Written by Jim Budd

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Jim Budd
Jim Budd
Decanter Magazine, Wine Writer & Photographer

Jim Budd moved from education to wine in 1988 and has written for Decanter since 1989. He is the former editor (1991-2015) of Circle Update, the newsletter of the Circle of Wine Writers.  He writes the award-winning www.jimsloire.blogspot.com and is one of the five members of the Les 5 du Vin blog. Budd exposes the dangers of drinks investment on his award-winning www.investdrinks.org website, and complementary www.investdrinks-blog.blogspot.com blog. He also contributes to Hugh Johnson’s Pocket Wine Book, Wine Behind the Label and the Academie du Vin. Budd is a keen photographer – especially in the Loire.