Cosentino Signature Wines has updated the UK stock market on its latest attempts to bring down its debt.

The Napa Valley-based wine company, which is listed on the AIM stock exchange, said today (10 March) that it is in "advanced negotiations" with its debt providers as it seeks "to continue its focus on debt reduction and control".

In the last few months, Cosentino said, it has vacated and returned three non-essential properties, along with certain equipment, that had been leased as the result of its August, 2007 sale and leaseback transaction at the Pope Valley, Lockeford and Clements locations in California.

Cosentino has also consolidated its Napa Valley operations into its fully-owned Yountville facility and its Lodi operations into rented space in Woodbridge.

This move is part of a rationalisation of its operating facilities and in-line with the company's strategy of improving operational efficiency and cost control as announced in December, Cosentino noted.

Late last year, Cosentino issued a full-year profits warning, following a sharp slide in sales in 2008.