Managing director John Cassegrain, who launched the business with his former wife Eva in 1985, said the pandemic, natural disasters and Chinese wine tariffs had all taken their toll.

Insolvency firm Shaw Gidley was appointed as administrator and has recommended the business be sold in a 34-page report released yesterday.

Mr Cassegrain said it had been a difficult time.

"Everything I've done in my life has been for this business, so it’s pretty tough", Mr Cassegrain said.

Firm director Ben Ismay said "there was simply too much debt" and that Mr Cassegrain "was not able to put together a proposal that provided for a suitable return to the creditors".

"Given that the company is insolvent, the only other outcome that is possible after the voluntary administration process concludes is that it be wound up into a liquidation process," Mr Ismay said.

'In our blood':

Mr Cassegrain has opted to put the business on the market but says he is trying to create a syndicate of investors to ensure the winery can continue to operate as it has been.

"The aim is to retain the business," he said.

"Unfortunately the Cassegrain family's shareholdings in the current business will be let go."

He hoped that his sons Alex – the head winemaker – and Philippe Cassegrain would be able to continue in their roles.

"We can trace our winemaking back to 1643 in France on my mother's side of the family, so it’s in our blood,” Mr Cassegrain said.

"We're hell-bent on keeping this winery going, trading as Cassegrain Wines and, God willing, with the Cassegrain family involved in it."

Mr Cassegrain maintains that that the business can rebound and Mr Ismay agrees it has the potential to turn a profit.

"It’s not financially viable for the administrators keep running it, but the company has had a cash flow problem, not a profitability issue."

The winery's onsite restaurant Twotriplefour announced late yesterday through a statement on Facebook that it would "bow out" of its premises on Sunday, July 9, but would continue to trade in a pop-up capacity until a new venue was found.

"This unfortunate situation has impacted a lot of people, including our team," Twotriplefour said in a statement.

"We sincerely hope that everyone involved can find a positive outcome and we simply ask for respect and understanding as we navigate this adjustment."

The business will continue to operate under the control of Shaw Gidley.

Original Story By | Tina Quinn