Wine seller Dennison's becomes latest victim
Published 18/05/2010 | 05:00
RENOWNED Waterford wine seller David Dennison Fine Wines has become the latest casualty in the industry collapse that claimed several of its peers last year.
A notice published yesterday shows Dennison's, which has been trading since 1996, will be wound up at a creditors' meeting on June 13. Founder David Dennison could not be reached at his firm's Waterford office yesterday.
In a press interview last summer, Mr Dennison said his firm was drawing 70pc of its revenue from the restaurant trade. Since then, scores of restaurants have closed.
The more recent accounts for Dennison's show the firm was more than €300,000 in the red at the end of 2008, before the worst of the recession hit. A charge issued to Bank of Scotland (Ireland) in 2005 was outstanding, and trade creditors were owed €235,000.
Several other wine merchants closed their doors last year, most notably Berry Bros & Rudd, and Parbind the wine seller owned by Oyster Communications and Lemongrass entrepreneur Emmet Memery.
Parbind's liquidation proved a boon for wine lovers, as 13,000 cases of wine worth €1.9m went under the hammer last November valued at just €1.1m.