# Vinance PLC (06669356)

> Why UK company 06669356 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/06669356

- **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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/06669356/filing-history/MzA3MDE5NjAwNWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/06669356

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.