The fate of high-profile Barossa-based Torbreck Vineyards is still unclear, but the word is that several offers have been submitted to the company’s administrators. Its principal creditors are owed A$7 million, but given that Torbreck has forecast a net profit of A$2.5 million for the current financial year based on annual sales of A$10.2 million, it’s difficult to understand why the banks demanded an administrator. Clearly there has been some ongoing difficulties between the company’s original owners, but these numbers don’t appear all that bad. Michael Dwyer of KPMG, the company’s administrator, hopes to sell the business by Christmas. My view remains that whoever is successful in the battle for control of Torbreck, that group will have to include David Powell, in whom resides virtually all the company’s identity and presence.
