Vinance PLC (06669356): administration
- Status
- Administration ended
- Administration began
- 2012-11-16
- Incorporated
- 2008-08-11
- Location
- Eastbourne
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The company was incorporated in August 2008 but remained dormant until 31 January 2009, when it acquired the business of Morgan Aston Ford Limited, this being the management of fine wine assets for thousands of investor clients both in the UK and overseas
The company was based in Greenwich but all the wine was stored remotely in a bonded warehouse by Octavian, an unconnected company The company would buy wine for clients, charging them a commission, and would arrange for it to be held in the warehouse whilst it (hopefully) appreciated in vaiue and the company would then sell it for the clients when they wanted to realise their investment
Often, the company would itself buy wine from clients with a view to selling it to other clients In this way, it accumulated a large quantity of stock which belonged to the company itself
Administrators' statement of proposals (2012-12-31) · Companies House register