Albany/Arc will take over the management of client accounts.
I understand that there were eight other bidders.
It is still down to the administrators, Herron Fisher, to discover what Vinance plc's deficit is and to ascertain what the position is in regard to any en primeur wines ordered by its customers. Whatever the level of Vinance's debt is, this is separate from the deal with Albany Vintners Ltd.
"These are two separate businesses. Our main priority is looking after the stock. Passing on the database to Albany Portfolio Management is not a priority, we haven't considered this as a possibility. It is something we are unlikely to do."
It is encouraging to see that the database has been bought by a company with a good reputation and not by a white knight operation set up to mislead investors caught up in the collapse of Vinance plc. Unfortunately this was not the case when Bordeaux UK Ltd went down in November 2011, when Vin Bordelais emerged using the same website and the same phone number as Bordeaux UK Ltd. See here.
Christopher Herron and Nicola Jayne Fisher, insolvency practitioners and administrators of Vinance Plc , have reached agreement with Albany Vintners Ltd/Arc Reserves Ltd (Arc) an experienced fine wine specialist, to take over the management of Vinance client accounts.
Nicky Fisher of Herron Fisher said, “We have made this arrangement in order to make life easier for the clients going forward, but of course it is subject to each individual client’s consent.”
All investors have been sent a letter from Arc Reserves with further information.
Arc Reserves said in its letter to creditors that it has reached agreement to take over the management of client accounts. Going forward Herron Fisher, the administrators, are still working to confirm allocated wines and once this is completed they will liaise with Arc Reserves and investors to facilitate the transfer of cases subject to clients’ consent.
Albany Vintners Ltd is a wholesale fine wine company specialising in buying from Bordeaux and selling direct to private collectors and merchants in the UK, Europe and Asia. It has a dedicated logistics arm, Arc Reserves Limited, to provide a specialist storage and portfolio management solution for private clients.
Herron Fisher, led by Chris Herron and Nicky Fisher, is an expert corporate recovery and insolvency firm. For more information visit: www.herronfisher.co.uk or e-mail email@example.com. To contact Arc Reserves, email: firstname.lastname@example.org or visit: www.arcreserves.com'