Accolade Wines have announced plans to sell Tasmanian sparkling wine brand House of Arras.
The sale comes as the company is reportedly battling high debt and Accolade’s parent company, investment firm The Carlyle Group, is looking at further sales of assets.
The sale will include House of Arras business and branding as well as the Bay of Fires winery and vineyards in Tasmania.
“While Accolade Wines is incredibly proud of the international success of the House of Arras brand in recent years, the company believes it is the right time to consider a divestment of Arras to allow us to focus on other parts of the business with a closer strategic alignment to the rest of our portfolio,” a spokesperson said to the Financial Review.
“There is no certainty that the process will result in a divestment or what structure the divestment will take in terms of the assets that may be involved.”
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