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Controlled closure for Paragon
UK wine agent and importer Paragon Wines & Spirits is to cease trading. The business, part of CL World Brands, is undergoing a “controlled closure”, designed to safeguard suppliers and agencies.
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In a statement, the company said, “We have made significant progress in reviving the business over the last year despite the many legacy issues that were inherited. The economic climate coupled with the rapid devaluation of sterling has made the ongoing trading position of Paragon unattractive.”
CL World Brands, which includes Angostura rum, Hine Cognac and Burn Stewart Distillers is believed to be focusing on the more pofitable spirits side of its business.
Paragon’s workforce have been informed of the decision.
Patrick Schmitt, 13.02.09
