Thierry's in debt to the tune of £5.5m, administrator reveals

15 February, 2013

A report into the financial affairs of Thierry’s Wine Services shows it owed just over £5.5 million to unsecured creditors when it entered administration in early December.

The report, prepared by administrator Nedim Ailyan of Abbott Fielding, lists Tesco as one of the biggest trade- creditors, being owed just short of £147,000.

The biggest single trade creditor is Bordeaux supplier Producta Vignobles, which was owed £1.1 million.

Other notable creditors included Beaujolais co-operative Signe Vigernons, which had an unpaid debt of £157,000 and had issued a winding-up petition against Thierry’s in October.

Champagne house Nicolas Feuillatte was owed £528,000, Nuits St Georges- based Rodet £422,000 and Viña Casa Silva of Chile £341.000. Also listed are Gerard Bertrand of Narbonne (£237,000), La Marca of Veneto (£209,000) and La Coterie of Beaumes de Venise (£173,000).

The administrator’s report points to a contract dispute with Tesco concerning promotions on Nicolas Feuillatte, in February 2012, as a catalyst for Thierry’s problems.

The report states that the contract originally agreed that Tesco would run the product on promotion for 80% of the time and the remainder at its rrp.

“In reality, Tesco kept the product on offer for 98% of the time and only sold  at rrp 2% of the time,” said the report.

It claimed that this had resulted in a margin shortfall for the supermarket chain which had then asked Thierry’s to pay a margin support fee of £1.7 million. Thierry’s refused and its contract was ended. The report states that the Tesco contract ”represented 33% of the company’s gross margin”, the loss of which led to the bank reducing Thierry’s lending facility.

Retailers the Co-operative Group, Majestic, Marks & Spencer, Martin McColl, Nisa, Oddbins, Sainsbury’s, Morrisons and Tesco Ireland are also listed as unsecured creditors with debts ranging from £35 to £13,000.

Bookmark this

Site Search


Hofmeister may need more than the bear essentials to succeed

So, George The Bear is back. It’s hard for some of us oldies to fathom, but there are those under, say, 40 who can’t actually remember Hofmeister and feel the cultural jolt supplied by the return of both the bear and the beer whose marketing campaigns it used to front.

Click for more »
Upcoming events


Is blended Scotch overshadowed by single malt in retailers?

  • Yes
  • No
  • Don't know