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.
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