Tasmanian wine and cider producer Winemaking Tasmania Pty Ltd has been placed into voluntary administration, with the appointment of Andrew Yeo and David Vasudevan of Pitcher Partners.
Mr Yeo and Mr Vasudevan will oversee continued trading of the company while an independent assessment is undertaken regarding the future of the company.
The administrators will work with the management of Winemaking Tasmania to examine all options to see the sale or recapitalisation of the business for its continuation, given its significance in the Tasmanian wine industry.
Established in 2001, the business supplies winemaking, bottling and production services to more than 30 boutique vineyard and orchard brand owners throughout Tasmania.
Mr Yeo, who is in Tasmania meeting with the business directors and overseeing the administration process, said Winemaking Tasmania was well known and played a significant role in the Tasmanian wine and cider sector.
“There’s obviously a strong emotional connection for Tasmania as well as the importance of the business to the local economy, providing employment, developing smaller labels and supporting tourism,” he said.
“We will be working with creditors, the business and staff to provide as much certainty as possible while the voluntary administration process is underway.”
Managing director Jonathan Lord said Winemaking Tasmania represented five percent of Tasmania’s total finished wine production by volume, but almost 25 percent of the state’s wine brands, making wine on behalf of some 30 wineries.
A third of the awards at the 2019 Tasmanian Wine Show were won by clients of the business.
“We will be working closely with the administrators to get things back on track for the good not only of our clients but the whole Tasmanian wine industry,” Mr Lord said.
The first meeting of the company’s creditors will be held on 3 June in Hobart.