Uvine creditors set to get most of their money back
June 27, 2007
By Jim Budd
Proposals sent out to Uvine creditors last week offer them the chance to get 95% of their money back.
Following six months of negotiations, the administrator Graham Wolloff has persuaded Trieste Direct Investments, the three remaining directors and the Amphora Fine Wine Fund to waive their claims against Uvine.
Internet wine exchange Uvine collapsed in September 2006 with debts of around £4m.
Trieste, which invested nearly £3m in Uvine, will make a cash contribution of £450,000. It will also buy Uvine's en primeur contracts and its commercial records, worth £25,022.
The administrators speculated that Trieste is also hoping to take delivery of as much of the Bordeaux en primeur 2003 and 2005 wines ordered as possible.
Marqem, an unrelated company run by Canadian businessman Bob Roche, will buy Uvine's goodwill, intellectual property rights and customer database for £5875. Marqem will pay creditors 80% of what is owed to them, in six instalments, by September 2010.
Graham Wolloff told decanter.com that he understands that Roche intends to build a business marketing luxury brands, including wine, to high-end customers.
The proposals will be put to a vote on 9 July. The DTI investigation into possible claims of wrongful and fraudulent trading at Uvine continues.
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