The Wine Merchant issue 83

Page 1

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 – page 20

Contain your excitement! Manchester’s 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 “no reasonable prospect of rescuing the group in its existing form as a going

concern” 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 Borough’s 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 “as a result of

declining turnover and increasing losses”. 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

“like a hoop around our neck”.

Continues page five


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