Private equity has got the keys to one of Australia’s biggest and oldest wine businesses, Accolade Wines – again. It was a disaster for the last mob. The new brigade promises its reign will be very different.

Will it? It has certainly started differently. The new owners, a consortium of three very different financial investors and two former lenders, bought Accolade’s debt on the cheap and bailed out the company as it was over-leveraged, selling assets and fighting for survival.