|Suppliers fret over D&D Wines International debt|
|Written by Chris Mercer|
|Tuesday, 26 June 2012 09:38|
Suppliers to the collapsed D&D Wines International could lose millions of pounds unless administrators can salvage cash from the stricken company.
D&D Wines owes unsecured creditors almost £10.5m (US$16.4m), according to figures released by the company’s administrator, RSM Tenon.
Its list shows that Spanish wine firm Bodegas Muriel is owed £2.8m, while fellow Rioja wine producer Bodegas Eguia is owed almost £1.25m. French wine group AdVini is owed £1.28m and Champagne Martel close to £800,000.
Creditors’ chances of repayment are hanging in the balance. In a report filed at UK Companies House, Tenon said that it is not trying to sell D&D as a going concern, due to a lack of buyers.
As a result, administrators are trying to raise as much cash as possible by selling off D&D’s existing stock and assets, as part of an “orderly wind-down of the company’s affairs”.
In April, and coinciding with D&D’s collapse into administration, staff numbers were cut to 15 from 27, according to the Companies House report. The initial administration period is one year, although this could be extended.