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New hope for Evans & Tate

Published:  23 July, 2008

A new party has emerged in the Evans & Tate saga, after its main creditor, ANZ Banking Group, was unable to find a co-investor for the business.

The new company is believed to be Fogarty Wine Group, an Australian winery that produces brands such as Millbrook and Lakes Folly.

An Evans & Tate spokesman said: "ETW has received an alternative offer for financial restructure of the company.

This offer is considered a viable transaction and has been endorsed by Evans & Tate's board and recommended by Evans & Tate to ANZ for its consideration.

ANZ has not yet made a decision on this matter.

Until a decision has been made, details of the offer will not be released to the market."

The spokesman was keen to stress that ANZ does not intend to "withdraw its ongoing financial support" of Evans & Tate, and that ANZ will "actively examine" the alternative financial plan that has been submitted.