Herron Fisher, insolvency practitioners, have been appointed administrators of Vinance Plc a well-known wine portfolio manager / broker.
Based in Greenwich, London, Vinance Plc manages more than GBP £50 million worth of fine wine assets for thousands of investor clients in nine countries.
Herron Fisher have now taken over the day-to-day control and management of the company, which was put into administration in the High Court on Friday 16 November 2012.
Herron Fisher will aim to rescue the company as a going concern, or failing that achieve a better result for the company’s creditors as a whole than would be likely if the company was simply wound up (liquidated).
Nicky Fisher of Herron Fisher said, “We will perform our functions in the interest of the company’s creditors as a whole. We understand that many clients will be unaffected as all of their wine has been allocated to them and is either held in bonded warehouses or they already have control of it themselves. There will unfortunately be some investors who have not been allocated all of their wines and there are no wines awaiting allocation, nor are we able to buy any more wine. Unfortunately the company records are not perfect and it will take some time for us to establish the exact position.
“In the meantime, we will endeavour to find a buyer for the business.”
The administrators are hopeful that creditors will ultimately be repaid approximately 50% of their debt; however, this will take some time.
Herron Fisher, led by Chris Herron and Nicky Fisher, is an expert corporate recovery and insolvency firm. Between them they have managed the insolvencies of Meccano Toys Ltd and one of the largest illegal banks ever wound up by the Bank of England, as well as online gift retailers The Gift Registry Ltd and Wedding List Direct Ltd.
For more information visit: www.herronfisher.co.uk or e-mail email@example.com
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• Vinance Plc had a turnover of approximately GBP £1million. This is commissions, not the amount of wine sold on behalf of third parties.
• The court order to put the business into administration was sought by the directors
• Vinance plc has four directors; (3 are based in the UK and one is overseas) and six shareholders.
• It has approximately 1,000 UK creditors; the vast majority of these being wine investors (rather than suppliers)
• The value of wine assets has not yet been fully determined but it is estimated at a few million pounds
• Vinance plc has 10 employees
Issued by: Cloud Nine PR and Marketing (Kate McCoy)
T: 01323 325 357 07908716655 E: firstname.lastname@example.org
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