Tuesday, 31 March 2015
Garvey “Regains” the Garvey Brands
The pieces of the puzzle of the receivership of the Nueva Rumasa bodegas are slowly coming together. In the case of the Complejo Bodeguero Bellavista – better known as Bodegas Garvey (and once the main activity of the Ruiz Mateos family in Jerez) - the recovery of the Garvey brands, whose registration runs out this year will smooth the way for the receivership which has been under way for 4 years.
Apparently a specially created company, a director of which is also a director of Garvey, has secured the principal brands, among them Garvey, Garvey BV, Bodegas Garvey, Grupo Garvey, the Fino San Patricio range of Sherries and brandy Espléndido. The Ruiz Mateos family kept the registered title to the main Garvey brands via a company in the name of third parties based in the tax haven of Belize, but the court embargoed them to the tune of €9m. The new company’s operation has the approval of the receivers and guarantees the use of the brand names for Bellavista and their inclusion in the receivership, which will make a sale of the production bodega easier and quicker, as this had long been a stumbling block. Maintaining the bodega and its workforce as a going concern is a priority for the receivers and naturally the bodega would be hard to sell without its famous brand names - especially with liabilities of about €90m.