Venus buys Wine Rack
The Wine Rack brand name and a package of 14 of the best performing stores have been bought by wholesaler Venus Wine & Spirit Merchants from First Quench administrator KPMG.
The Wine Rack brand name and a package of 14 of the best performing stores have been bought by wholesaler Venus Wine & Spirit from First Quench administrator KPMG.
The stores are all based in Venus's London and south east heartland and the 90 staff who work in them are being retained.
A new company, LCL Enterprises, has been formed to run the Wine Rack business, headed by Venus chairman Laki Christoforou.
Arthur Rackham, chairman of Surrey-based agency company Emporia Brands – who has a shop of his own in Guildford – will be vice chairman.
Christoforou said: “The shops we are purchasing were all profitable, with excellent hard-working staff and managers and are well supported by customers in their areas.
“As one of the leading wine & spirit distributors in the London area, these Wine Rack stores will fit well into our existing retail and wholesale business infrastructure.
“We are confident that Wine Rack can soon become a growing and thriving business again which is why we were interested to purchase the trading name Wine Rack along with these 14 stores.
“In addition to carrying out our due diligence, James Rackham and I have visited each of these stores personally in the last few days.
“I can honestly say we were impressed with the staff in all of them which is why we are very keen to retain the 90 staff working in these outlets.”