EVANS & TATE STRIKES DEAL WITH GROWERS

As we know, things are kind of tight for Australian grape growers right now, but a few vintners in Margaret River can breathe a sigh of relief after signing a contract with Evans & Tate. According to ABC News, Margaret River grower Mark McAuliffe says six growers in his group have signed long-term contracts to supply Evans & Tate, which will be formally taken over by McWilliams Wines today (Dec. 12). McAuliffe told ABC that after a “long period of uncertainty for all growers...now we can just knuckle down and make sure we grow the best grapes, knowing...that we'll get paid at the end of the day.”

As you’ll recall, E&T met financial downfall at the hands of the recent grape gluts and a loss of share in the U.K. market. E&T went into voluntary receivership in August after ANZ bank foreclosed on a A$100 million loan to the company. The receiver, McGrathNicol, in turn entered an interim agreement with McWilliams. The rest is history.

Growers do not expect to hear any word about compensation for the money they lost when Evans and Tate went into receivership for the next six to 12 months, said ABC.