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Friday 24 October 2014

Averys in the red as demand for en primeur slides

4th March, 2014 by Lucy Shaw

Bristol wine merchant Averys has slid into the red due to poor Bordeaux en primeur sales last year.

The late, great, John Avery

The late, great John Avery, a fourth generation member of the Avery wine family, who died in 2012 aged 70

Revenues at the merchant, which was founded in 1793 and is currently owned by Direct Wines, fell by a tenth for the 52 weeks ending 28 June 2013.

The company posted a loss over the period of £334,934, while for the same period a year earlier it made of profit of £390,683.

Turnover for the period meanwhile, dropped by just under 10% to £14.1m.

“The market for en primeur Bordeaux was much lower than the prior year, which impacted results. In addition, there were one-off restructuring and dilapidation costs incurred in the period of £314,606,” a statement from the company read.

“Direct Wines has indicated its intention to provide such ongoing financial support as is necessary for the company to continue in operation and to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements,” the statement added.

Last year, Averys moved part of its business to the Direct Wines office in Theale, Berkshire, while its warehouse operation moved from Bristol to Gloucester.

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