Accolade Wines yesterday (August 21st 2019) confirmed the sale of its Knappstein Winery following the strategic review of the Clare Valley business that commenced last year.
Under the terms of the agreement, Australian Yinmore Wines Pty Ltd (Yinmore Wines) will acquire the Knappstein winemaking facility in Clare, five associated vineyards and the Knappstein label. Accolade will continue to distribute the Knappstein range of wines until the new owners have determined their sales and marketing strategy.
Excluded from the sale agreement are Accolade’s two remaining Clare Valley vineyards, over which it will retain ownership to ensure supply of prized Riesling grapes to its Petaluma, Hardys and Leasingham brands.
The sale follows Accolade’s review of its global operational footprint, undertaken to ensure the company is ideally positioned to meet the needs of customers, to adapt to changing market conditions and to take advantage of available opportunities.
As part of the same review, Accolade is considering the potential sale of the Houghton winery in Western Australia’s Swan Valley. The Houghton sale process is continuing.