Mon, 26 Nov 2012 | ADMINISTRATION
A global wine investment broker has entered administration, with a buyer being sought.
Vinance Plc manages more than £50 million worth of fine wine assets for several thousand investors clients. However, it entered administration last week (16 November) and insolvency practitioners Herron Fisher have now been appointed to handle the situation.
Nicky Fisher, from the administration firm, commented: “We will perform our functions in the interest of the company’s creditors as a whole. We understand that many clients will be unaffected as all of their wine has been allocated to them and is either held in bonded warehouses or they already have control of it themselves.
“There will unfortunately be some investors who have not been allocated all of their wines and there are no wines awaiting allocation, nor are we able to buy any more wine. Unfortunately the company records are not perfect and it will take some time for us to establish the exact position.”
The administrators are in favour of finding a buyer for the business and are hoping to sell it as a going concern. Meanwhile, they are hopeful that creditors will eventually receive around half of their debts.
Trusted by McLaren, NATO, Facebook & more. 50%+ profit margin, 30K active contacts, and strong web presence (150K+ clicks). Delivers high-impact training in Premiere Pro, AutoCAD, Unreal Engine, and more. Huge potential for trade buyers. Rare chance...
Discover the rare opportunity to acquire a well-established vehicle transportation agency in Nottingham, renowned for its impressive year-on-year turnover growth and profit margins.
This long-established, family-run butchers and bakery, operating from the same location for 130 years, offers a blend of history, reliability, and modern appeal, serving both retail customers and sectors like hospitality and education.
FREEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.