The client database of Vinance plc, which went into administration last month, has been bought by Albany Vintners.
Albany Vintners, based in Cambridge, offers its own in-bond storage facilities through storage company Arc Reserves. Albany/Arc will take over the management of client accounts.
Albany has bought the Vinance database for an undisclosed sum, but not the company’s debt, Albany founder Marcus Edwards told Decanter:com.
‘I understand that there were eight other bidders. Herron Fisher, the administrators, are still working out the deficiency and which wines have not been allocated to investors.
‘Already we have had customers of Vinance contacting us to sell their wine. We expect to be able to help as we have a wider distribution network than Vinance – we sell to the trade, to private clients and also to export markets. We have still to sort out commission rates for these clients.’
Edwards said it was ‘unlikely’ that the client database would be passed onto Albany Portfolio Management, an associated company offering wine investments and a founder member of the Wine Investment Association.
‘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.’
Written by Jim Budd