Sunday, 18 October 2015

18.10.15 Buyer found for Valdivia

A mercantile judge in Cádiz has accepted an offer for Bodegas Valdivia in Jerez from the Huelva bodega and cooperage company José y Miguel Martín SL based in Bollullos par del Condado. The business of seasoning rum and whisky butts is huge, estimated to total some 60,000 annually, and they are a leading firm in this trade. Glenfarclas is one of their customers. They had hoped to receive permission to use terms such as “Sherry cask” or “Oloroso cask” from the Patents Office but the Consejo Regulador put a stop to that as wine from Huelva is not Sherry.

Hotel Villa del Duque, Valdivia bodega in background (foto:diariodejerez)
The ex Nueva Rumasa complex sold as a (nearly) going concern, consists of three bodegas and the small Hotel Villa del Duque, and has been on the market for five years with just one employee to look after it. With the purchase Martín has acquired a registration with the Sherry Consejo. Naturally the new owners want to get started as soon as possible, and will take on a workforce, but not necessarily those who previously worked at the bodega. There is no mention so far of the price paid. An Israeli group made an offer of 3.3 million euros a year ago, but no more was heard from them. In any case the price paid will be a bargain, even though much of the stock and equipment has been sold off. It is thought that Nueva Rumasa originally paid 20 million euros.

No comments:

Post a Comment