AUSTRALIA’S most popular wine and alcohol brand, Wine Shop Gld, will close its doors for good in May amid a growing sense of uncertainty over Brexit, according to a source close to the company.
Wine Shop GLD is owned by Australia’s largest winery and beer company, Macquarie Group.
The Australian Beer Council (ABC) has been lobbying to keep the brand open, with a proposal to put the ABC on the board of directors being considered by the company’s board.
It has been working with its investors to secure a deal for a new management team and a new direction, but the ABC understands the company will close after May’s referendum result.
“It’s very hard for any brand to survive,” said one source close at the company, who asked not to be named.
“This is the biggest brand in the world.
If you think about the Australian consumer, they spend almost $50 billion a year on wine and spirits.”
I think they will look at the whole wine and spirit market, which is one of the biggest in the OECD, and say: ‘Look, I think we can survive this for the long term’.
“The company, which has sold more than 5 million cases of wine a year since it was founded in 1873, had a turnover of more than $1 billion in 2015-16.”
If we had to put a date on it, I would say we are in the final stages of this,” said a former employee.”
The board is very comfortable with the direction and the direction of the company and I think they know what they are doing and they’re ready to take the next step.”ABC/wires