Vintage wine dealer Cockburns collapses after two centuries

Administrators for Cockburns of Leith say they are hopeful of finding a buyer for Scotland's oldest wine merchant.

The Edinburgh company, founded in 1796, called in Ernst & Young last Friday after falling victim to the economic downturn in the wine market.

The administrator reports strong interest in the business, which counts Charles Dickens and Sir Walter Scott among its past clients.

Five of the seven staff at the company - which sells wine online and as a wholesaler - have been made redundant and Ernst & Young is inviting bids for the stock and for the trading name.

Reports that managing director Ian Macphail is bidding for the business have been dismissed, according to the Scottish media.

Posted at 07:00PM Feb 03, 2010 by Kelly Board in Insolvency  |  Comments[0]

Portsmouth Football Clubs Problems Worsen

Portsmouth Football Club are edging closer and closer to administration after the Premier League have heaped yet more financial woe on the club.

Following revelations that the high court have rejected their appeal against a winding up order from HMRC along with the fact that they have reportedly missed a repayment on money owed to previous owner Sacha Gaydamak, the Premier League are now withholding part of the money they have brought in from player sales in order to cover certain debts still owed to Watford and Chelsea from previous transfer deals.

It is reported that £8million was recuperated from the sales of Asmir Begovic and Younes Kaboul, of which the PL has withheld £2million and a further £2million will be used over the next few days to pay staff and player wages which, for the fourth time in six months, are overdue. The final £4million is thought to be being used to come to an arrangement with HMRC and the high court regarding their winding up order. It is thought they are going to request the final payment date to be moved back.

As for Gaydamak, the club reportedly owe him around £29million and it has been suggested that they recently missed a repayment date of around £9million of that. however slightly positive news is that Gaydamak will not be looking to push the club into any further trouble as an administration would decrease his chances of repayment.

Further troubles such as a law suit being pursued by Sol Campbell regarding around £1.2million of image rights he believes he is owed also loom over the head of the club. Couple that with the fact they sit rock bottom of the Premier League and survival looking increasingly improbably, the future looks bleak for the proud south coast club.

Posted at 12:01PM Feb 03, 2010 by Kris Wigfield in Insolvency  |  Comments[0]