On paper, the Cape wine industry is not an investible proposition. The majority of the growers are losing money, with little expectation of things improving. Those who are in the processing sector are slightly better off, but they have little choice.

While the banks are ready to provide funding where there’s some real estate available as security, they’re less enthusiastic when the assets are less tangible. If you’re buying grapes and then making and selling wine, you can’t afford to be unprofitable for any length of time.

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