UK: Financial struggles force Stratford's into administration
Stratford's Wine Agencies has confirmed that it has entered into administration, but that a buyer has been found.
The company, which specialises in supplying New World wines to the UK, said earlier today (21 September) that “eroding margins and increased cash demands” has forced it to go into administration. Attempts to sell Stratford's as a going concern failed, hence today's announcement.
“Over recent months the company has struggled financially … to the point that the directors of the business needed to seek a resolution to this problem,” the company said. “They sought to market the business and sell it as a going concern but regrettably, the company was unable to find a suitable buyer.”
Upon going into administration, the business has been bought by F.E. Barber Ltd, which trades as independent UK supplier Kingsland Wines & Spirits.
Stratford's employs 16 staff, for whom it will be "business as usual", a spokesperson for the company told just-drinks.
The company, headed up by Paul Stratford, has been in existence for around 30 years.
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