D&D Wines goes into administration
- Wednesday 25 April 2012
The reason for the failure of the Cheshire-based business, which has been in operation since 1973, is cashflow problems, according to accountancy firm RSM Tenon, which has been appointed administrator.
Following RSM Tenon’s appointment, the firm’s Chris Ratten said, ‘It appears the reason for the firm’s decline was due to a lack of cashflow. The first quarter of the year is traditionally the most quiet in terms of sales activity, which, coupled with a change in trading terms with a supplier towards the back of 2011 resulted in significant cashflow pressure.
‘After reviewing overhead costs, we have unfortunately had to make 12 out of the 27 staff redundant but we are currently marketing the business and speaking with interested parties’.
A formal notice to creditors will be sent out this week, RSM Tenon said.
D&D Wines sells around 600 wines in the UK and Ireland, sourced from 25 wineries in ten different countries and supplying supermarkets and retailers such as Tesco, Sainsbury's, O'Brien's and Morrisons.
Agency brands include Luis Felipe Edwards from Chile, Bear Crossing from South Australia and Bethany from theBarossa, Argentina’s Salentein, G H Martel Champagne, La Gioiosa from Veneto in Italy and Rioja's Bodegas Muriel.
RSM Tenon was called in on 20 April.