Job losses from McWilliams buyout: Report
May 5th, 2021
The $42 million buyout of McWilliam’s Wines by Calabria Family Wines will see major job losses for the group, according to
The Daily Telegraph.
It is believed half of the employees from one of Australia’s oldest wine producers will go in the change of ownership.
Calabria Family Wines and property mogul Roy Medich’s Medich Family Office bought all assets and the name of the Hunter Valley and Riverina-based McWilliam’s Wines vineyards last month.
Calabria Family Wines will operate the winery and cellar door at Hanwood Vineyard just outside Griffith while developers Medich Family Office will take over the Mount Pleasant winery as well as winemaking assets at the site.
McWilliam s Wines Finds New Home at Calabria Family Wines
Riverina and Barossa Valley winemaker Calabria Family Wines has acquired a piece of Australian wine history with the purchase of McWilliam’s Wines, announced today by KPMG and selling agent Colliers International.
The sale, which is set to be complete by 30 April, will see the Griffith-based Calabria family take ownership of the McWilliam’s brands, intellectual property, and stock holdings as well as the Hanwood vineyard, winery and cellar door.
“It is a great honour for our family to become the proud custodians of Australian winemaking history with the purchase of McWilliam’s Wines. Despite recent challenges, we know the McWilliam’s name carries a long and prestigious reputation as one of Australia’s oldest wine producers,” third-generation General Manager Michael Calabria said.
McWilliamâs Wines to be split in $40m-plus deal The 143-year-old wine company will have a new lease on life under two new owners, but it will come at a cost.
Business by Jared Lynch
Premium Content
Subscriber only McWilliam s Wines will avoid being liquidated after its administrators secured a deal, worth more than $40m, to split the 143-year-old company in two and ensure its $13 flagons of sherry keep flowing. But the deal has come at a cost, with more than 60 staff, or two-thirds of McWilliam s total workforce, expected to be retrenched. Under the proposal, Calabria Family Wines will acquire McWilliam s Hanwood winery and continue its brand, while Sydney investment group, Medich Family Office will take over the Mount Pleasant winery and assets. It is understood that up to one-third of McWilliam s existing employees will be offered jobs.
McWilliamâs Wines to be split in $40m-plus deal The 143-year-old wine company will have a new lease on life under two new owners, but it will come at a cost.
Business by Jared Lynch
Premium Content
Subscriber only McWilliam s Wines will avoid being liquidated after its administrators secured a deal, worth more than $40m, to split the 143-year-old company in two and ensure its $13 flagons of sherry keep flowing. But the deal has come at a cost, with more than 60 staff, or two-thirds of McWilliam s total workforce, expected to be retrenched. Under the proposal, Calabria Family Wines will acquire McWilliam s Hanwood winery and continue its brand, while Sydney investment group, Medich Family Office will take over the Mount Pleasant winery and assets. It is understood that up to one-third of McWilliam s existing employees will be offered jobs.