Prominent businessman John Poynton has been busy striking deals these past weeks.
First, he sold his 25 per cent stake in Brookland Valley Estate to Hardy Wine Company, followed by a $1.5million capital raising for UK-based Alocit International through his new corporate advisory group Azure Capital.
The sale of Brookland Valley Estate for an undisclosed sum gives Hardy Wine Company full control of the Margaret River vineyard, which was established by Malcolm and Dee Jones in 1984.
Mr and Mrs Jones held a 25 per cent stake in the company until they, along with Mr Poynton, sold their share last week.
Mr Poynton became a shareholder in the business in 1993 when he bought 50 per cent of the vineyard before Hardy Wine Company became a 50 per cent shareholder of Brookland Valley Estate in 1997.
Hardy Wine Company managing director David Woods said the company was gaining a strong focus on increasing sales of premium bottled wines, something this acquisition would help achieve.
“Having 100 per cent ownership provides the Hardy Wine Company with the opportunity to further develop the brand globally and invest in the future of the highly regarded Margaret River region,” he said.
Brookland Valley Estate crushes about 1,300 tonnes of fruit a year, making it one of Margaret River’s largest wineries.
Mr Poynton said that while he has divested his financial interests in the Margaret River vineyard he still owned a house and some land on the property.
Mr Poynton said the Brookland Valley Estate sale was a private deal and the first cab off the rank for his new company was indeed the Alocit deal.
Azure Capital raised $1.5 million to set up the Australian arm of Alocit, a British anti-corrosion group that is planning an Australian Stock Exchange or London Alternative Investment Market listing next year.
Azure Capital opened its offices in August, eight floors above the three founding directors’ former stable Poynton and Partners in Exchange Plaza.
