D&D wines goes into administration
D&D Wines has collapsed after running into cash flow problems, OLN has learned.
Joint administrator Chris Ratten of RSM Tenon said: “It appears the reason for the firm’s decline was due to a lack of cash flow. 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 cash flow 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.”
D&D’s best known agency brands are La Gioiosa and Luis Felipe Edwards, whose commercial director, Peter Greet, described the administration as “very sad”.
He added: “We’ve been with them since 1995, so it’s the end of an era.”
The Chilean wine company, which sells 1.4 million cases a year in the UK, recently appointed 10 International as its on-trade agent and has made no decision about future off-trade distribution. “We’re still waiting for closure on D&D and considering our options,” said Greet.