AUSTRALIA’S ACCOLADE SOLD CLARE VALLEY WINERY TO CHINESE COMPANY
By Siulan Law Mathews DipWSET
Australia’s leading producer Accolade Wines has confirmed sales of Knappstein Wines in Clare Valley to Chinese-owned Yinmore Wines Pty Ltd for an undisclosed amount.
Yinmore Wines is linked to state-owned food and beverage conglomerate Bright Foods.
This is Yinmore’s second purchase in South Australia, the company acquired Wickham Estate in McLaren Vale last year with 24 hectares of vineyards for an undisclosed amount.
"Yinmore Wines is excited by the opportunity to become the custodian of the historic Clare Valley site," said a spokesman from Yinmore Wines.
It was said the company is committed to invest significantly in the iconic 40-year-old vineyards and to raise the standard of its winemaking.
"Knappstein's existing award-winning wine portfolio will be enhanced with well-respected winemaker Mike Farmilo assisting Yinmore Wines in winemaking," added the spokesman.
Accolade announced a review of "its operational footprint in South Australia" last December after an internal review. The company put Knappstein Wines on the market in March this year.
The historic, heritage-listed brewery building on Pioneer Avenue was included in the sale, as was Knappstein's four vineyards in Spring Farm and Watervale.
Accolade will retain ownership of its two remaining Clare Valley vineyards to ensure supply of Riesling grapes to its Petaluma, Hardys and Leasingham brands.
The company will continue to distribute the Knappstein range of wines until Yinmore Wines drawn up their sales and marketing strategy.
(the writer can be contacted at: SLawMathews@thewinechronicle.com)
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