Mr Wheeler rescues Fromvineyardsdirect.com from administration
Colchester-based wine merchant Mr Wheeler has rescued online retailer FromVineyardsDirect.com from administration by purchasing the business and its assets in a pre-pack deal.
The firm entered administration earlier this month after experiencing financial difficulties. Joint administrators Lee De’ath and Richard Toone of CVR Global LLP managed to find a way forward for the business by facilitating the pre-pack sale to The Wine Company UK Ltd, which trades as Mr Wheeler.
Johnny Wheeler, chairman at TWC, said: “We have been successfully growing our business over a number of years and we saw this as a good opportunity to extend our existing proposition.
“We have an intense period of marketing planned and look forward to working with management, staff and customers to grow the existing FromVinyardsDirect business.”
Mr Wheeler is an independent, family-owned retailer, established in Colchester back in 1883. It has a brick and mortar store and it also sells wine online and wholesales to hotels and restaurants.
The rescue package has saved four jobs and preserved a number of consultancy roles.
Lee De’ath, a partner at CVR Global, said the company had fluctuating profitability from inception, which impacted working capital, ultimately resulting in the decision to seek the protection of an administration.
London-based FromVineyardsDirect.com specialises in selling a range of hand-selected, mid-priced wines to private consumers, aiming to achieve a significantly lower price than conventional wine merchants.
It hunts out wines from small producers that are not readily available elsewhere, as well as wines declassified from leading châteaux at prices below the château label price.
Esme Johnstone, director at FromVineyardsDirect, said: “The board has worked tirelessly to find a solution to the current financial difficulties, but regrettably we have had to place the company into administration.
“We are delighted that by working with the administrators, we were able to find the perfect buyer for the business. We look forward to working with The Wine Companyto ensure that the FromVineyardsDirect brand continues to grow, providing exceptional wines to its loyal customers.”
David Campbell, director at FromVineyardsDirect, added: “The intention is that the FromVineyardsDirect brand will continue, and to grow, with its unique selection of wines and strong and loyal customer base.”