Wed, 25 Apr 2012 | ADMINISTRATION
Cheshire-based D&D Wines International has entered administration, with an insolvency practitioner from RSM Tenon Recovery appointed to handle the affair.
The company has been in operation since 1973 and sells over 600 wines predominantly to UK supermarkets and the cash and carry sector. Its wines are sourced from 25 wineries in ten different countries, and include its own exclusive labels as well as a number of popular brands.
A spokesman for the administrator told trade magazine Harpers that the team is currently working at the firm's Knutsford office to create a “strategy” for the administration. He added that all creditors will receive a formal notice within the next week and revealed that a buyer is being sought for the business.
The administration appears to have been the result of cash flow difficulties during the first quarter of the year after orders dropped. This is to be expected at this time of year, but a change in trading terms with a supplier towards the end of 2011 put additional pressure on the company's finances, Chris Ratten of RSM told Business Week.
Twelve jobs have been lost through the administration, but it is hoped that a buyer will be found who is able to maintain the remaining 15 positions.
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