| D&D wines to go into liquidation |
| Written by Gemma McKenna |
| Friday, 06 July 2012 12:57 |
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D&D Wines international will go into liquidation on Friday July 13, according to the firm’s administrators RSM Tenon. The liquidators appointed are Kerry Bailey and Trevor Birch from PKF, and they will have a statutory obligation to investigate the conduct of the company’s directors in the period running up to the insolvency. D&D went into administration on April 20, leaving unsecured creditors with total debts of almost £10.5 million, according to the creditors’ report. The list of creditors includes Bodegas Muriel, owed £4.05 million in total: £2.8 million through the Muriel brand and a further £1.25 million through its Eguia brand. French wine group AdVini is listed as being owed £1.28 million and La Gioiosa £772,000. Administrators failed to find a buyer for the business, and were continuing to sell off stock. But best estimates by administrators leave it with a £6.5 million hole in funding for creditors. Prior to its collapse, D&D had been working with invoice discounting firm Centric since a management buyout occurred in January 2011. For more breaking news on D&D, check back on harpers.co.uk next week, and see our July 13 issue. |
