Locke King Vaults – cases stored in one of the tunnels
Albany/Arc will take over the management of client accounts.
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.
As listeners to Saturday's BBC Radio 4's Moneybox would have heard the directors of Vinance plc were more concerned to score points rather than express regret for the collapse.
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.
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.
Entrance to the Locke King Vaults (above and below)
The Locke King Vaults are on the edge of the old Brooklands motor racing circuit. It was originally an extensive air raid shelter, which has now been converted to fine wine storage.
Inside the vaults: side tunnels run off this corridor
An old air raid notice
James Temple: i/c wine storage at the vaults
Statement by Herron Fisher, administrators:
'ADMINISTRATORS OF VINANCE PLC FIND A BUYER
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 vinance@herronfisher.co.uk . To contact Arc Reserves, email: enquiries@arcreserves.com or visit: www.arcreserves.com'
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 vinance@herronfisher.co.uk . To contact Arc Reserves, email: enquiries@arcreserves.com or visit: www.arcreserves.com'
3 comments:
Comment from anon sent to wrong post:
Jim wake up and smell the chenin blanc..we both know where this client database is going to end up...my guess is Albany Portfolio Management? Enough said..
"They are two separate businesses. Our main priority is looking after the stock. Already we have had customers of Vinance contacting us to sell their wine.
We will be able to assist in selling wine for Vinance customers as we have a wider distribution network as we sell to the trade, to private clients and also to export markets.
Passing on the database to Albany Portfolio Management is not a priority, we haven't considered this as a possibility and it is something we are unlikely to do."
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