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Bain-led consortium takes over Australian winemaker behind Hardys

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Bain-led consortium takes over Australian winemaker behind Hardys

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A Bain-led consortium has taken over Australia’s second-largest wine producer Accolade Wines after it struggled to adapt to Chinese tariffs and a consumer shift away from lower-priced brands.

The company behind brands such as Hardys Wines and Banrock Station was bought by Carlyle in 2018 for A$1bn (US$660mn) at a time when private equity bidders were targeting Australian wine companies.

But Accolade has been hit by the Covid-19 pandemic’s damaging impact on the hospitality sector, the introduction of punitive Chinese tariffs on Australian wine in 2020 and a switch by many consumers to more expensive wines.

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“Accolade Wines has a long, proud Australian history as a world class wine producer and we hope it will remain so for many decades to come. We hope this restructure will build a more secure long-term future of the business,” said a spokesperson for the consortium.

“Like all Australian winemakers, we have been hit by a number of challenging macroeconomic and industry headwinds in recent years,” said Robert Foye, Accolade Wines chief executive. “Our ability to respond to these challenges and grow has been hampered by an unsustainable balance sheet.”

Accolade, which has a near-A$600mn loan due in 2025 according to the company, has been struggling to service its debts. The new owners, led by Bain’s special situations unit, have been buying up Accolade’s debt at a heavy discount and hope to complete the company’s recapitalisation by the middle of the year. The company has commenced talks with grape suppliers in South Australia to renegotiate supply contracts.

Called Australian Wine Holdco, the consortium also includes asset managers Intermediate Capital Group, Capital Four, Sona Asset Management and Samuel Terry Asset Management.

Accolade has already been selling smaller brands, including its Tasmanian vineyard Bay of Fires, to lower its debt. Analysts said the restructured company was likely to be a consolidation target for a large trade buyer or a private equity company.

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Australian winemakers are preparing for a reopening of the Chinese market, once the sector’s growth driver, after a review of the 2020 tariffs was kicked off late last year.

The review followed a state visit by Australia’s Prime Minister Anthony Albanese to China in November and a resumption of trading for other products that had been halted after the then-Australian leader Scott Morrison called for an inquiry into the origins of Covid-19. 

Australian wine companies including Treasury Wine Estates and Accolade have turned to other markets in south-east Asia and North America to offset the loss of Chinese sales. Accolade struck a deal with basketball player James Harden to launch a signature wine collection to drive US sales last year.

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Video: Trump Says He’ll Release Alien and U.F.O. Files

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Video: Trump Says He’ll Release Alien and U.F.O. Files

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Trump Says He’ll Release Alien and U.F.O. Files

After former President Obama made viral comments about aliens, President Trump said his administration would begin to release government files related to aliens and extraterrestrial life.

“Are aliens real?” “They’re real, but I haven’t seen them. And, they’re not being kept in, what is it?” “Area 51.” “Area 51. There’s no underground facility, unless there’s this enormous conspiracy, and they they hid it from the president of the United States.” “Well, I don’t know if they’re real or not. I can tell you, he gave classified information. He’s not supposed to be doing that. He made a, he made a big mistake.” “Well, if the president can declassify anything that he wants to, so ——” “Well, maybe I’ll get him out of trouble. I may get him out of trouble by declassifying.”

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After former President Obama made viral comments about aliens, President Trump said his administration would begin to release government files related to aliens and extraterrestrial life.

By Shawn Paik

February 19, 2026

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Britain blocking use of air bases Trump says would be needed for strikes on Iran, UK media report | CNN

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Britain blocking use of air bases Trump says would be needed for strikes on Iran, UK media report | CNN

British Prime Minister Keir Starmer has blocked a request from US President Donald Trump to allow US forces to use UK air bases during any preemptive attack on Iran, saying it could break international law, according to multiple reports in British media citing government sources.

According to The Times of London, which first reported the split over airbase access, Starmer has denied the use of RAF Fairford in England and Diego Garcia – the British overseas territory in the Indian Ocean – for any strike on Iran.

The two bases have long served as crucial overseas US military staging posts for operations far from home, with Diego Garcia a key airfield for the US’ heavy bomber fleet.

The Times reports Britain is concerned that allowing the US to use the bases “would be a breach of international law, which makes no distinction between a state carrying out the attack and those in support if the latter have ‘knowledge of the circumstances of the internationally wrongful act.’”

The Times cited UK government sources. The BBC, The Guardian and The Telegraph also subsequently published their own reports on the UK blocking access to the bases, citing sources.

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The UK Ministry of Defence declined to comment on what it called operational matters. “There is a political process ongoing between the US and Iran, which the UK supports. Iran must never be able to develop a nuclear weapon, and our priority is security in the region,” a government spokesperson said.

American requests to use UK bases for operational purposes historically have been considered on a case-by-case basis, with precise criteria withheld for security reasons under long-standing agreements.

“All decisions on whether to approve foreign nations’ use of military bases in the UK for operational purposes considers the legal basis and policy rationale for any proposed activity,” Veterans Minister Al Carns wrote in response to questions from independent British member of parliament Jeremy Corbyn, according to a January report from the UK Defence Journal.

Starmer and Trump held a phone call on Tuesday evening, with readouts saying the two discussed peace in the Middle East and Europe.

The following day Trump took to his Truth Social platform to withdraw support for a deal that would see sovereignty over the Chagos Islands, the Indian Ocean chain that is home to the joint US-UK Naval Support Facility Diego Garcia, handed to Mauritius in return for a 99-year lease on the military base.

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CNN has approached the White House for comment.

Britain had split the Chagos Islands from Mauritius before that colony gained independence, something that has been a source of diplomatic friction as well as multiple legal battles with locals who were evicted. In 2019, the International Court of Justice ruled Britain should return the islands “as rapidly as possible,” so that they could be decolonized.

A deal to return them has been making its way through British government channels since, with London arguing a lease compromise would ward off further expensive and likely futile legal battles while maintaining military access in the Indian Ocean.

After initially opposing the UK-Mauritius deal, Trump in early February said it was the “best” Britain could get under the circumstances.

But as the US has been surging forces into the region for a possible attack on Iran, Trump reversed course, saying in a Truth Social post that Starmer is “making a big mistake” in agreeing to the lease deal with Mauritius.

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“Prime Minister Starmer is losing control of this important Island by claims of entities never known of before. In our opinion, they are fictitious in nature,” Trump’s post said.

But just a day earlier, the US State Department issued a statement saying in part that Washington “supports the decision of the United Kingdom to proceed with its agreement with Mauritius.”

Asked about the discrepancy between the Truth Social post and the State Department statement, White House press secretary Karoline Leavitt said the president’s post should be taken as the “policy” of the Trump administration.

In his social media post, Trump directly referenced the two UK airbases, cited by British media, as important in a possible strike on Iran.

“It may be necessary for the United States to use Diego Garcia, and the Airfield located in Fairford, in order to eradicate a potential attack by a highly unstable and dangerous Regime,” Trump wrote.

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Neither Diego Garcia nor Fairford, the key forward operating base for US strategic bombers in Europe, was used in last June’s one-time B-2 bomber strike on Iranian nuclear sites. In that case, the stealth bombers flew a round trip of about 37 hours from their home base in Missouri.

But analysts are expecting that any new US attack on Iran might be a much longer campaign, possibly of weeks or more.

In such a campaign, having the B-2s, as well as B-1 and B-52 bombers, using bases thousands of miles closer to Iran would enable quicker turnarounds to rearm and refuel for more strikes.

While the US may have access to other bases in friendly countries closer to Iran, using them could put its prized heavy bomber fleet in reach of retaliatory Iranian missile strikes.

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U.S. figure skater Alysa Liu said she didn’t care if she medaled. She won gold

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U.S. figure skater Alysa Liu said she didn’t care if she medaled. She won gold

Team USA’s Alysa Liu celebrates after winning gold in the women’s event on Thursday.

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MILAN — Alysa Liu has won Olympic figure skating gold, the first U.S. woman to do so in over two decades.

It’s an ironic outcome for the 20-year-old, who said earlier this week that she wasn’t motivated by a medal.

“I’m OK if I do a fail program. I’m totally OK if I do a great program. No matter what the outcome is, it’s still my story,” Liu said after finishing Tuesday night’s short program in third place.

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Liu, 20, soared to new heights in Thursday’s free skate, dazzling the crowd with an absolutely joyful skate to Donna Summer’s “MacArthur Park Suite” in a shimmering gold dress.

Alysa Liu (C) celebrates next to silver medalist Kaori Sakamoto (L) and bronze medalist Ami Nakai (R), both of Japan.

Alysa Liu (C) celebrates next to silver medalist Kaori Sakamoto (L) and bronze medalist Ami Nakai (R), both of Japan.

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She and her signature raccoon-striped ponytail soared, exuding a carefree confidence and getting the crowd onto its feet. Her easygoing demeanor and look of genuine enjoyment have been her hallmarks since she returned to the sport in 2024 — two years after retiring at age 16 immediately following the Beijing Olympics, where she came in sixth.

Liu’s performance on Thursday shot her straight to the top of the leaderboard with two skaters behind her, guaranteeing her spot on the podium.

She stayed there through the end of the night. Japan’s Kaori Sakamoto, the penultimate skater, ended up with a silver medal, while the last skater of the night, her compatriot Ami Nakai, claimed bronze.

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It was a literal passing of the torch: Sakamoto, who won bronze in Beijing, is retiring after these Olympics; Nakai is just 17 and in her debut senior season.

USA's Amber Glenn competes on Thursday.

USA’s Amber Glenn competes on Thursday. She finished fifth overall.

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The Milano Ice Skating Arena erupted in cheers as reality sunk in. An exuberant Liu exchanged long hugs with her coaches and teammate Amber Glenn, who had a triumphant night of her own despite finishing off the podium in fifth place.

It was a redemptive skate for Glenn, who came into the night in 13th place after one costly mistake at the end of her first routine Tuesday. The free skate, her second chance, went much more smoothly — she nailed another triple axel and landed all of her jumps, despite putting a hand down to steady herself at one point. Glenn, who later told NBC she had been thinking of her six-year-old self, moved into first place and stayed there until the final group of the night.

The other member of the “Blade Angels,” Isabeau Levito, finished the night in 12th place.

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This is a developing story and will be updated.

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