|Watermill contacts Thierry's suppliers|
|Written by Elinor Zuke|
|Thursday, 17 January 2013 11:33|
Watermill Wines has said it will look to trade with suppliers that collectively lost millions of pounds when Thierry's entered administration and will offer some more generous margins to help them recoup their losses.
Watermill Wines, a new company set up by corporate investors KKVMS, agreed to buy Thierry's in October. The deal was formally completed after Thierry's entered administration in December.
Chairman Richard Baizley said he was travelling to meet with suppliers that Thierry's represented as well as new ones to set up trading arrangements.
Baizley said he accepted that some creditors to Thierry's would not want to trade with Watermill, but that he wanted to keep his door open.
In a letter to creditors it said Thierry's ran into trouble when it was asked to pay an extra £1.7 million in margin support by a major retail customer and, according to the administrator, was delisted when it refused to do so.