More than 40 jobs have been saved at long-established wines and spirits wholesaler, Morecambe Bay Wines and Spirits Co Limited, after its business and assets were sold by business recovery specialists Begbies Traynor.
The business sought expert help in December after cash flow difficulties caused by increases in debtors and stock, and the loss of trade credit from its largest supplier, left it unable to pay its debts.
Now partners at Begbies Traynor’s Manchester office have agreed a sale out of administration for the company, securing the jobs of 44 employees.
The wine and spirits merchants, which had a turnover of £24 million in 2012, specialises in providing wines, beers, spirits and confectionary to the leisure industry, and also brews its own award-winning beers under the Cross Bay brand.
Dean Watson, a partner at Begbies Traynor’s Manchester office, said: “The immediate concern when handling this administration had been to secure jobs, whilst ensuring the best return to creditors.”
The business and assets of Morecambe Bay Wines and Spirits Co Limited were sold to limited liability company, Morecambe Bay Wines Ltd, on 5th February 2013.
Dean is a Qualified Accountant (FCCA) and Licensed Insolvency Practitioner with over 25 years experience in the accounting profession. Dean joined Begbies Traynor in 1999 after spending 10 years working in general audit and accountancy practice. Based in the Manchester and Preston offices, he has worked on a variety of assignments including formal insolvency appointments and providing advice to various stakeholders in situations where financial distress is present.
Dean has gained significant experience in the Legal Sector after dealing with a number of distressed Legal and other professional services firms in recent years and jointly heads up the North West Professional Services team.
As well as business reviews and formal insolvency appointments, practical solutions and hands on turnaround assignments have also been one of Dean’s main focuses. This has generally been in support of high street clearing banks and other financial institutions.