The sale of Gapsted Estate appears to be imminent.

The Myrtleford Times understands representatives from both receivers and managers BDO Business Restructuring Partners, together with the prospective buyer, met with staff at the winery last week to update them on the process.

Neither BDO, selling agents Colliers, nor the prospective buyer wished to comment publicly at this point, but there is an expectation confirmation of the sale will be forthcoming soon.

The Myrtleford Times believes the interested party is a existing winery from the North East.

Victorian Alps Wine Company Pty Ltd (trading as Gapsted Estate) and Victorian Alps Winery Pty Ltd was placed in voluntary administration by its directors on 27 November last year, with BDO appointed on 10 December to commence the search for a buyer for the largest, multi-faceted wine business in the Alpine Valleys.

Initial expressions of interest closed in mid March, with the selling agents at the time indicating "a good level of interest" from existing viticulture industry participants through to investors looking for a going concern opportunity.

Gapsted Estate's cellar door, on-site restaurant and its winery and production facilities have continued to operate while a buyer has been sought, but the cellar door and restaurant are currently closed for winter.

Assets offered for sale include:

- freehold land of approximately 24.05 hectares at Gapsted, with 7.22 hectares under vine to grape varieties including Chardonnay, Saperavi, Tempranillo and Petit Manseng;

- modern cellar door and on-site restaurant facilities with capacity for approximately 60 patrons for lunch service and up to 80 patrons for events;

- Fully operational winery benefitted by quality plant and equipment and production facilities capable of processing up to 11,500 tonnes of grapes per annum, 2500 tonnes of red ferment capacity, and wine storage capacity of 8.2 million litres; and

- well maintained structural improvements including a large warehouse and distribution facility, administration building, production and laboratory building, tastings room, barrel shed and staff amenity.

Victorian Alps Wine Company Pty Ltd was established in 1997 by a group of independent grape growers from the Alpine and King valleys as a contract wine grape processing facility, and developed strongly branded Alpine Valleys wines and a vibrant cellar door and restaurant business in recent years.