Bec Hardy Wines
Bec Hardy Wines is a family-owned wine business based in one of South Australia’s premier wine regions, McClaren Vale. The business produces and sells wine, has a cellar door, and holds functions at its Tipsy Hill Estate.
Need
When Bec Hardy Wines had the opportunity to take on significant US export contracts, it needed finance to help secure inventory and deliver on the contracts.
Solution
We provided a loan to support the delivery of three purchase orders in the US, enabling the business to grow both its domestic and international markets.
Funding growth is one of the biggest challenges that businesses in the wine industry face. When Bec Hardy Wines had the opportunity to take on three profitable export opportunities, it needed finance to help secure inventory and deliver on the contracts. With our support, the business was able to grow both its Australian and export markets.
Bec Hardy is a sixth-generation South Australian vigneron, winemaker and business owner. Her great-great-great-great grandfather, Thomas Hardy, set up vineyards in the beautiful coastal region of McLaren Vale. Bec and her husband, Richard Dolan, founded Bec Hardy Wines in 2015 as part of a family succession plan.
Richard, who is the Director of Sales and Marketing for the business, said Bec Hardy Wines got its main lease in life in 2020 after they executed the acquisition of Bec’s family’s business, which had experienced exponential growth, mainly driven by exports to China.
As part of the changeover of the business, Richard explained that they had anticipated a drop in China sales, so were exploring other export markets to develop. “I knew in the lead-up to 2020 that while China was fantastic, what we needed was a heavily diversified export plan.”
“The team at Export Finance Australia have been instrumental in assisting our growth into new export markets. They have been incredibly helpful from the outset and have shown a genuine interest in our success.”
Bec Hardy
Director, Viticulture & Winemaking, Bec Hardy Wines
Taking the next generation of wine global
After investigating other large Australian wine export markets, namely the US, Europe and the UK, Bec and Richard decided that the US market, with its strong domestic consumption of Australian wine, presented the most opportunities.
“Serendipitously, we came across a broker who wanted to work with us and who had good connections into Costco,” explained Richard. “At the same time, we received another significant 400,000 bottle opportunity for an online retailer in Australia.”
To support the increase in inventory required to take on both the international and domestic opportunities, the business needed finance.
Richard already knew Export Finance Australia’s South Australian business development director through his Adelaide business networks. The two had spoken previously about the potential for Export Finance Australia to fund some of Bec Hardy Wine’s transactions. So, when the time came to fulfil the first US contract, Richard knew who to contact.
“The depth of knowledge, experience and know-how that Export Finance Australia executed on the first transaction was first class and incredibly thorough,” said Richard.
Funding growth in the wine sector
Our finance helped enable Bec Hardy Wines to take on three highly profitable US contracts: two with Costco and one for the Pennsylvania Liquor Control Board.
“Without the finance from Export Finance Australia, those profitable opportunities just would not have happened – it's as simple as that,” Richard said.
“We would have been forced to choose between one profitable domestic transaction or three profitable export transactions.”
Reflecting on the success of the business in its export markets, Richard highlighted that the industry is about people and nurturing relationships – which can be particularly important when it comes to finance.
“Export Finance Australia has been instrumental in the growth of our export business.”
For other businesses looking to make the most of export opportunities, Richard recommended a conversation with our team.
“Get in touch with your local Export Finance Australia business development director. Get the conversation going now to understand how they can help you.”
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