The acquisition from Constellation Brands, which has been valued at AU$290m, includes brands such as Hardys, Banrock Station, Kumala and Echo Falls, and 50% of UK drinks wholesaler Matthew Clark.

Constellation Brands will continue to work with Accolade Wines in a distribution and supply capacity, having retained 20% of the business.

Champ managing director John Haddock said: “I think everyone knows there are a number of challenges facing the wine industry but it’s an important industry and we will be enthusiastic advocates for it.

“We see Accolade Wines as a company with strong fundamentals, a sound competitive position, a capacity to grow and an opportunity to reinvigorate its brands.”

Speaking of the company’s renaming, Accolade chief executive Troy Christensen said: “Management and Champ consider the new name to be consistent with their aspirations for the future of the company.”