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Wine fund acquires Ehrmanns
Wine investment fund Global Vintners has acquired Ehrmanns to allow the wine supplier to “resolve issues with the bank” and to trade free of the debt that has held back its development.
UK-based Ehrmanns, which will create a new identity as a result of the acquisition, confirmed it had been looking for the best way to “secure the future of the business.”
Commenting on the takeover, Ehrmanns’ chairman Peter Dauthieu said: “We can take advantage of the opportunities that are now arising in the fast changing supply side of the UK wine market. The acquisition by Global Vintners does this and offers the best deal to protect the interests of our employees, suppliers and customers.”
Ehrmanns’ managing director, Mark Chapman, added: “The removal of bank debt will provide a much more stable financial platform for our customers and supply partners, and will allow greater flexibility to develop our long-term plans for the business.”
Meanwhile, director at Global Vintners, Adrian Collister, said: “We are very pleased to have invested in Ehrmanns. We believe that the current challenges in the European wine market offer Global Vintners an excellent vehicle to take advantages of the opportunities that are arising.”
The takeover by the international fund, which has assets in Spain and the UK, will allow Ehrmanns “to pay on-going creditors in full,” and is not expected to alter the day-to-day running of the business.
Jane Parkinson, 21.07.09