Watermill contacts Thierry's suppliers
- Details
- Published on Thursday, 17 January 2013 10:33
- Written by Elinor Zuke
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.
"The deals will be very personal to each producer. It depends on what they believe their pain is," said Baizley.
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.
Administrators Abbott Fielding estimated Thierry's owned creditors £5 million when it collapsed.
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.
