Scotland’s oldest wine merchant, Cockburns of Leith, has been rescued from administration by a company owned by former Glasgow Rangers FC chairman Sir David Murray.
Cockburns, whose customers once included Sir Walter Scott and Charles Dickens, collapsed after seeing orders severely reduced by the economic downturn. But a few days after it went into administration, Edinburgh Wine Importers acquired the trading name, customer listings, book debts and some stock from administrators Ernst & Young.
Sir David, a keen wine connoisseur who owns wine estates in Burgundy and Provence, acquired Edinburgh Wine Importers a few years ago. His main company, Murray International Holdings, is still trying to sell its controlling interest in Rangers, of which he was chairman for many years before standing down a few months ago.