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BVE in receivership

Mr Sam Davies and Mr Rob Kirman of independent restructuring and corporate advisory firm, McGrathNicol, have been appointed Joint and Several Receivers and Managers (“Receivers”) to Barossa Valley Estate Limited (“BVE”).

Mr Sam Davies, partner at McGrathNicol, said that the receivers took control of the assets and affairs of BVE upon their appointment on January 15, and were continuing the company’s operations as normal whilst an urgent assessment was undertaken of the requirements for the upcoming vintage, including existing contract processing arrangements.

Mr Davies said he would be working closely with the contract growers and BVE management over the next two weeks to determine and settle the 2013 grape supply requirements, including reviewing existing domestic and export distribution arrangements.

Mr Davies said that it was too early to fully determine all the reasons for BVE’s failure, but noted the company was under-capitalised.

For the full story, grab January 23 edition of The Leader.