Paragon Vintners to close

Published: 13 March, 2009

Paragon Vintners is to cease trading after its parent company, Angostura Suisse, has decided to exit the UK wine distribution business.

Paragon has stressed the decision to close the business now was taken to ensure its closure can be controlled and therefore safeguard its financial responsibilities to staff, suppliers, customers and agencies.

The 28 members of staff at Paragon have been told and reassured that the company will continue to honour all its legal obligations. They will now enter a period of consultation.

The controlled closure is expected to take a "number of weeks" during which time the team at Paragon will work with agencies to find new homes for their brands which include Noval port and Champagne Jacquart Mosaic range.

In a statement, the company said: 'We have made significant progress in reviving the business over the last year despite the many legacy issues that were inherited. The economic climate coupled with the rapid devaluation of sterling has made the ongoing trading position of Paragon unattractive."

The company has been through a number of changes in the past year with the departure of former directors Peter Williamson and Anthony Dee. They were replaced with joint managing directors, Brian Woods and Andy Calder who had started to implement cost-saving measures, including moving the company from its prestigious offices near Victoria to London Bridge, and also increasing the sales side of the team to push its brands.

The plan was to move increase its presence in the on-trade and introduce more spirits brands to support its strong wine portfolio. The company had started taking on more premium brands including Cape Campbell from New Zealand and Terrai Winery in Spain. Paragon had even taken on a new agency last week.

Dee and Williamson set up Paragon in 1990, merging the failed Hedges & Butler with London suppliers H Parrot & Co.

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