Wed, 26 Sep 2012 | ADMINISTRATION
Stratford's Wine Agencies has entered administration following ongoing financial difficulties.
The company cited increasingly small margins and rising cash demands as being behind the administration, which followed attempts by directors to sell the business as a going concern.
Unfortunately, the firm was unable to find a suitable buyer and Stratford Wine Agencies entered administration on 20 September after becoming unable to “trade effectively and protect the interests of the creditors and other stakeholders”.
While it was not possible to arrange a sale of the business as a going concern, several companies demonstrated an interest in the firm's assets, which were eventually acquired by FE Barber, trading as Kingsland Wines & Spirits.
Earlier this year, Paul Stratford, Stratford's Wine Agencies' managing director, told Harpers that the company was looking to refocus its energies on the Old World wines. He added that the company was also moving away from supplying its own-label noting that supermarkets are “under a lot of pressure to increase margins, and it can't be done with quality producers”.
RSM Tenon have been appointed as administrator and are now in the process of contacting all of the company's creditors and stakeholders.
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