b) Are some of the wines outstanding Bordeaux en primeur orders. If so from what vintages and how much money is involved? Are Vinance plc up to date on payment for these en primeur wines?
The exact details on the wine stock or the details of all investments, en primeur or otherwise, is just being established. However the majority of creditors are wine investors rather than suppliers.
c) When do you expect to have a first estimate of what the total deficiency is?
• 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
I understand that the administrators have found a buyer for Vinance plc and are writing to all Vinance customers to inform them and give details of the purchaser. The name of the company willing to buy Vinance plc will be released tomorrow. I trust that this company is reputable and is acting in the interests of the investors and is not a white-knight operation that has unfortunately happened in the past.