British wine merchant Berry Bros Rudd has announced changes to the trading and business model of its wholesale subsidiary Fields, Morris Verdin, following an internal review.
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This week, several other wine merchants have announced the addition of wineries previously distributed by FMV to their portfolios.
It has been known since June that FMV"s business has been struggling, but its future remains unclear.
BBR now confirms that FMV's new business model will continue as BBR's wholesale division, but will have a significantly reduced product portfolio and will focus more on the distribution of luxury, independent retailers and high-end merchandise.
Lizzy Rudd, chairwoman of British distiller Berry Bros Rudd, said: "Following the completion of our internal review, I can confirm that we are restructuring FMV's trading and business models to support a portfolio of less visible businesses in line with BBR's private client strategy.
Although it was a difficult decision, adapting our business to future market conditions was the right choice. It will allow us to focus on providing quality service and continuing to build strong, long-lasting relationships with our producers and customers.
In a statement, BBR said they have communicated with producers and customers to discuss the outcome of this decision and are pleased to see that some producers have already found new partners.