THE WINE MERCHANT. An independent magazine for independent retailers
Issue 83, August 2019
Dog of the Month: Margaux Stone Vine & Sun, Twyford
Harvest festival Six independents make their contribution to the Mendoza vintage effort â page 20
Contain your excitement! Manchesterâs newest independent hatches: see page 6
Borough Wines sold for just ÂŁ60k Muriel Chatel retains control after London independent enters administration with debts of ÂŁ1.3m
B
orough Wines, which collapsed
into administration at the end of
May with debts of almost ÂŁ1.3m,
has been bought in a pre-pack sale for just under ÂŁ60,000.
Administrator Mazars said there had
been âno reasonable prospect of rescuing the group in its existing form as a going
concernâ and that the deal, secured with Borough founder Muriel Chatel and a French backer, represented a better
outcome for creditors than liquidation.
The biggest chunk of debt (ÂŁ779,000)
was actually to Expression du Terroir Ltd, a business within the Borough group which sourced and supplied stock.
Many of Boroughâs other creditors
included small French wine producers, some UK brewers and distillers and a
number of logistics companies. Armit was owed ÂŁ4,867, Ehrmanns ÂŁ4,720, Boutinot ÂŁ3,058 and Sipsmith ÂŁ3,652.
Mazars reported that Borough Wines,
which started on a stall at Borough Market in 2002, had expanded to nine units but recently closed six sites âas a result of
declining turnover and increasing lossesâ. The sale of the business to Spirits of
Borough, owned by Muriel Chatel and
Arthur de Chalus, includes ÂŁ43,760 of stock and all equipment, along with goodwill, intellectual property and customer
records. The company has secured an initial three-month lease at the Stoke Newington branch.
Chatel said that rent demands had been
âlike a hoop around our neckâ.
Continues page five