Scouring for profit: how the Michells fleeced themselves

A decade after a massive buyout, the Michell Group is rich in assets and revenue, but cash-flow poor. And tough conditions in the wool industry give little cause for optimism.

South Australia’s Michell Group used to be one of Australia’s great family businesses. At one stage the Michells dominated the national wool clip and more or less owned Adelaide, but two family splits in ten years fragmented this historic firm like a badly-shorn fleece flung onto the table.

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