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Orbital Wines administrator optimistic of early deal.
(From Off Licence News)
Byline: Graham Holter & Laura Clark
Administrators for collapsed wine supplier Orbital Wines expect to reach a deal with a buyer by early next week.
Paul Corlett, senior manager at administrator Menzies, said there has been "a great deal of interest" in the Stormhoek and Camden Park owner . " Ideally we will sell the business as a going concern. It may be that it's a sale of brands," he said.
Corlett added that it was "too early to say" whether all of Orbital's creditors will be paid back, but he was encouraged by the interest from prospective buyers.
The administration also covers sister businesses California Direct and Bulk Brokers International, but not the South African production business.
The annual turnover of the combined companies was AGBP8 million, and it has wine stocks worth AGBP1.9 million at retail, ...
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