McWilliam’s Wines going into administration, ABC report
McWilliam’s Wines is one of Australia’s first family owned vineyards, whose founder, Samuel McWilliam planted the first wine vines in 1877 in Riverina, New South Wales.
The company is estimated to be owned by six generations of the family that lasted around 141 years, as reported by ABC News.
Unfortunately, the family owned business is facing difficult financial times and is now going into administration as the declining performance and the constant evolving changes in the wine market is forcing them to look for investors to finance the company in order to stay in business.
The company called in administrators from KPMG for assistance.
“We are in the initial phase of the administration process where our priority is to undertake an immediate assessment of the business and its operations,” KPMG partner Gayle Dickerson said in a statement.
To read the full ABC article, click here.