UK: Vinance collapsed 'owing wine worth £5m'
UK: Vinance collapsed 'owing wine worth £5m'
Jan 4, 2013 6
(Decanter) - Collapsed wine investment company Vinance plc owed £5m-worth of wine to its 1,300 clients when it filed for bankruptcy, according to administrators.
However, the business has an estimated deficiency of £2.37m, thanks to a ‘large’ amount of wine owned by Vinance with an estimated value of £3m.
The report from Herron Fisher, the administrators of the company, shows that Vinance’s records were ‘incomplete’ and ‘inadequate’ and that the directors had no idea of the true position.
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