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LOUISVALE SOLD

Louisvale, the Stellenbosch winery, has been sold to a Scottish-based developer and investor, and a partner in a Cape Town law firm. Michael Johnston is the owner of the Carnoustie Hotel and golf resort, while Hendrik Kotze's practice, Jan S De Villiers, has offices in Stellenbosch and Paarl. Louisvale's directors Hans Froehling and Leon Stemmet will continue to run the 17ha Devon Valley estate until September 2002 to ensure a smooth transfer. The new owners intend to increase production. Johnston has also bought the Stellenbosch restaurant La Gratitude, which he will upgrade, and will build an adjoining five-star hotel. Louisvale has pledged to retain Jonathan Pedley MW to help develop and market its wines.

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