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In a disturbing development that might affect En Primeur
business and the purchase of wines for investment, the
customers of Cellaret who bought the Wn Primeur last
year may be left twiddling their corkscrews, reports
decanter.com
The company went under liquidation on May 29. Customers
who bought Bordeaux 2005 en primeur from collapsed wine
merchant the Cellaret, still do not know whether they
will get their wine.
Ownership of the wines may be disputed as the Cellaret's
two secured creditors – Euro Sales Finance and
General Capital Venture Finance – may claim that
the en primeur orders are part of the company's assets.
'We are getting advice from our solicitors over who
has title to these wines," Lisa Jenkins, the liquidator
at the Macdonald Partnership..
Jenkins also said 'a lot' of the money paid by customers
to Cellaret had been passed onto the Bordeaux négociants
which supplied the wine. She could not be more specific
than that.
Previously Ray Dutton, CEO of the Cellaret had aearlier
given assurance that wines bought en primeur were safe.
The company went into liquidation on 29 May with a
deficiency of £550,000 owed to some 60 creditors.
This does not include en primeur sales. It is uncertain
how much en primeur wine was sold by the Cellaret previous
to the collapse.
Source: www.decanter.com
En Primeur involves full payment upfront with
no sight of the liquid for two years. The basic financial
strength of the company is a matter of great significance.
One can burn one's fingers and lose the whole investment.
Caution is advised-Editor
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