Fri, 08 Mar 2013 | BUSINESS SALE
Wickham Vineyard, in Hampshire, has been bought back out of administration by its former manager Wilhelm Mead.
Wickham Vineyard Ltd entered administration in December last year following a failed attempt to expand into retail. It had bought the leases to 14 former Threshers wine shops in 2011, and had plans to use them to enhance direct sales to customers while additionally selling local beer. The outlets shortly became loss-making and a drag on the business’s finances.
The vineyard had also suffered two poor harvests, the administrators from Benedict Mackenzie said. Its yield fell from 105,000 bottles in 2010, to 40,000 bottles in 2011, then a meagre 5,000 bottles in 2012 - where 115,000 had been expected.
Wickham Wine Estates Ltd, which is headed by Mr Mead, is to begin trading next week and will reopen its Vineyard Restaurant. A tearoom is to open this weekend and tours of the vineyard have already resumed.
In the deal Wickham Wine Estates purchased the wine owned by the old company Wickham Vineyard Ltd. It will lease the vines, land and buildings privately from Nitin Parekh, the owner of Wickham Vineyard Ltd.
The shops, named Wine Shak, are not included in the deal and have been liquidated.
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