|A view of the Complejo Bodeguero Bellavista (fot:diariodejerez)|
Friday, 20 January 2017
20.1.17 Grupo Emperador Completes Purchase of Garvey
Andrew Tan, whose Emperador group already owns Fundador has paid 35 million euros for the ailing Sherry division of the defunct Nueva Rumasa which has been in receivership for more than five years. It guarantees the continuity of the business and security of employment for the 40 staff. The price was agreed last July with the administrators and the banks which hold mortgages, and with paperwork completed the deal was finally signed yesterday. It includes the Complejo Bodeguero Bellavista, Zoilo Ruiz Mateos (including the visitor centre), the Cerro Viejo vineyard and the bottling contract for Sandeman which is owned by the Portuguese group Sogrape. The deal also includes stocks and brand names for Sherries and brandies and Licor Calisay.
The man in charge of Emperador operations in Spain, Joan Cortés, confirmed yesterday that he will be the director of Garvey and that Salvador Real, the innovative oenologist with Delgado Zuleta, will be appointed as technical director. Cortés explained that despite long years of administration and a considerable drop in sales, there is still a large stock of both old soleras and new ones. Since the purchase agreement last July, Emperador has been supervising the bodegas’ management and creating a business plan with the intention of keeping the business going and retaining the staff. The plan is now in its final phase.