<\/p>\n
Investors put \u00a380m into casks<\/p>\n
Thousands of cask investors are hoping the purchase of a whisky merchant\u2019s key assets will reunite them with their investments.<\/p>\n
Edinburgh-based\u00a0Whisky\u00a0Merchants Trading was placed into liquidation by administrator Griffins after an estimated \u00a380 million was raised from investors across the company\u2019s brands.<\/p>\n
Griffins said the collapse of the firm had left \u201cthousands of global customers uncertain of their asset ownership\u201d.<\/p>\n
The\u00a0business\u00a0operated brands such as Braeburn Whisky and Cask 88 and entered into administration due to mounting debts and rapid expansion costs.<\/p>\n
Administrators confirmed in recent documents submitted to Companies House that the cask investment business was rescued following the sale of key assets to Edinburgh Cask Management (Resolution).<\/p>\n
The new owner said it was working to reunite investors with their casks.<\/p>\n
In its report, Griffins said: \u201cAs part of this sale agreement, ECMR has committed to addressing the issues faced by customers who may have purchased casks from the companies but have not yet been located.<\/p>\n
\u201cThey will replace these casks and offer trade-out options for better stock.<\/p>\n
\u201cEach offer will be tailored to the specific circumstances of individual customers, and ECMR will provide further details in due course.\u201d<\/p>\n
Griffins added: \u201cAdditionally, ECMR has agreed to take over cask management where applicable and will work with warehouse operators to resolve outstanding warehouse fees.<\/p>\n
\u201cWarehousekeepers will enter into agreements to facilitate the transfer of casks to their rightful owners.\u201d<\/p>\n
ECMR, said that the firm has been working in recent months to \u201cresolve debts, transfer casks, and set up verified warehouse accounts for customers\u201d. It said it had already cleared around \u00a3500,000 in outstanding storage fees.<\/p>\n
\u201cOur focus throughout the month was on contacting all customers where casks are currently unaccounted for, ensuring every cask is properly reconciled and transferred to its rightful owner.\u201d<\/p>\n
A spokesperson for Griffins said: \u201cLiquidation is available as one of the statutory exit routes to an administration once the statutory purpose of the administration has been met. In this case this was identified as the most appropriate exit route.<\/p>\n
\u201cThere is a statutory duty to give notice of the appointment by the court, and the company will continue in liquidation until any of the remaining actions in respect of the company and its claims and assets have concluded.\u201d<\/p>\n
\t #Whisky #investors #hopeful #merchant #rescued #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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