Third party agency contracts, such as Bollinger and Henschke, have also transferred to Accolade, but it is unknown at this stage as to whether or not these brands will retain their existing contracts. It is expected that they will be managed on a case by case basis.
A spokeswoman for Lion told drinks bulletin that Accolade Wines will be responsible for determining the outcome of existing employees of Fine Wine Partners and that a six-month transition period will allow for a gradual process to execute staffing decisions. She suggested that FWP employees are likely to become employees of Accolade Wines once the two businesses come together.
Lion CEO Stuart Irvine said in a statement that the business had been unable to prioritise the investment needed to grow Fine Wine Partners.
“With the improvement in market conditions we have come to the decision that this is the right time to realise a fair price for the business," Irvine said.
“I would like to thank all those who have worked incredibly hard to make Fine Wine Partners such a quality business under Lion’s ownership. We will work with Accolade Wines and our people to ensure a carefully managed transition in ownership.”
Accolade Wines Deputy CEO, Michael East said: "Over the last 5 years, we have experienced significant growth and expanded our global footprint through the acquisition of Geyser Peak in the United States, Grant Burge Wines in Australia, Mud House in New Zealand and Vina Anakena in Chile.
"The acquisition of the FWP business and brands will strategically enhance Accolade Wines product leadership, complementing our current brand portfolio, while integrating seamlessly into our business model. An expanded premium offering responds to a shift in consumer preferences for quality wine, while allowing us to better meet the needs of our customers.”
The sale price and the specific terms and conditions are confidential.
Lion will also retain its wine business in the US.
Image: Picking grapes at Henschke's famous Hill of Grace Vineyard.
Share the content
