Corbans partner plan confirmed

By DITA DE BONI

DB Group has released a little more information about the future of wine unit Corbans, saying yesterday it was seeking a strategic partner for the division.

The company has identified a shortlist but was characteristically tight-lipped over the identity of potential suitors.

"An agent will be appointed to help assist in identifying a 'best-fit' solution for Corbans," said group managing director Brian Blake.

"Specific ownership and operational details of the strategic partnership will be determined as part of the negotiation with a potential strategic partner."

The move to partner Corbans is part of a restructuring plan by DB, which has focused in the past year on exiting non-core businesses.

The company last month ceased operations of Allied Liquor Merchants and exited the liquor retail store trade with a management buyout of the remaining 32 Liquorland stores.

As Liquorland is phased into a stand-alone liquor franchise, the DB Group corporate office in Customs St, Auckland, is being disestablished and the sale of DB Breweries' share of the Canterbury Malting Company is "progressing," says the company.

The Corbans corporate office is being moved to the now vacant Allied Liquor Merchants site at Ti Rakau Drive, in a move to meld operations between the winery and bottle producer, the International Bottling Company.

Mr Blake said the DB corporate office was being disestablished to allow Corbans and DB Breweries to operate as autonomous business units.

He confirmed there had been a strong performance for the six months to March 31. Details would be announced on May 18.