Accolade Wines announces new General Manager

Accolade Wines has announced the appointment of Rick Wilson as its new General Manager, Australia & New Zealand. It follows the promotion of Michael East to the role of CEO.

Accolade is Australia's second-largest wine company and owns brands including Hardys, Leasingham, Grant Burge and Banrock Station.

Based in Sydney, Wilson will concentrate on driving business across Australia and New Zealand and report directly to the CEO. Wilson has 27 years FMCG industry and consumer brand experience working for organisations such as Sanitarium Health Foods, Coca-Cola Amatil and Golden Circle.

Most recently, Wilson was the Managing Director of Advantage Australia, the global leader in FMCG benchmarking between Retailer and Supplier.

Michael East commented: "Rick brings an exceptional level of customer relationships, consumer and market insight to Accolade Wines."

John McLoughlin, Group Managing Director, Asia Pacific, of Advantage Australia noted: "While it comes as huge disappointment to see him go, in many ways, it is a great acknowledgement of the impact that Rick has had at Advantage. I would like to personally thank Rick for his leadership of the business. Rick leaves with best wishes of myself and the business."

Wilson’s new appointment is effective today, March 8, 2017.

ACCOLADE IPO OFF THE TABLE

CHAMP Private Equity announced earlier this week that its $1 billion-plus public float of Accolade Wines was offficially off the table. Chief executive John Haddock told The Australian Financial Review that there were too many moving parts in the business to proceed at this time.

He said a sales surge in China, Brexit hammering profits in the UK and the company still working to integrate Lion's fine wine portfolio into the business were behind the decision.

The company also announced in October that it would spend between $35 million and $40 million setting up a new glass bottling plant and warehouse facilities at its existing winery in Berri.

Haddock said sales to China had jumped by more than 50% year-on-year, which had attracted the attention of Chinese private equity firms and companies involved in the wine business.

"We've had both," he said. "Where that ultimately ends up, let's see."

He said the IPO could be revisited next year.