By Ian Neubauer
Palandri Finance, the financial arm of Western Australia’s Palandri Wines, has appointed voluntary administrators in the face of collapse.
Professional services firm Deloitte has taken control of the company’s operations and commenced a review of the business while working with management of the broader Palandri Group to develop options to protect shareholder value.
Deloitte has also isolated Palandri Finance from the rest of the group to ensure the business continues to produce and market wine both here and overseas as in the lead up to the release of this year’s vintage.
Palandri Wines is supported by Western Australia’s largest stand-alone vineyard and owns a state-of-the-art winery and cellar door facility in the Margaret River region. Palandri distributes throughout Australia, Asia, the UK, mainland Europe, the US and Canada.
“From inception, Palandri Wines was destined to be more than just a new winery,” reads information posted on the company website. “It encapsulates new age concepts in wine marketing blended with tried and true winemaking tradition to create a unique vision for the future.”