More than £374 million wiped off Endeavour Group profits

Endeavour Group, one of Australia's largest wine and liquor retailers, is making a dramatic strategic pivot. The company plans to divest most of its Australian wineries and vineyards, cutting its own grape growing by 80% and shifting instead to buying in bulk wine and grapes from external growers. The restructuring has triggered AU$311 million in asset writedowns, pushing annual profits down from AU$426 million to just AU$52 million, signalling a major shift away from vertical integration in Australian wine production.