Napa Valley winery overwhelmed by debt

Published: 17 November, 2010

California's Cosentino Winery has ceased trading after failing to secure extra finance to cover its debts.

The business was started by Mitch Cosentino in Modesto, California, in the early 1980s and is one of the pioneers of the state's Meritage style, which emulates classic Bordeaux blends.

The business moved to Yountville in the Napa Valley in 1989 and opened its Crystal Valley Cellars in Lodi in 2006.

Shares in Cosentino were traded on London's Alternative Investment Market but trading has been suspended since June. The company lost its licence to buy winegrapes following claims it owes money to growers.

In a statement the company said: "Cosentino would like to thank its many fans, customers and business partners for their support and enthusiasm over the years.

"The board extends particular thanks to the company's talented and loyal employees and, of course, Mitch Cosentino for his leadership, passion and total dedication making fine wines.

"The board believes the wines that remain will be a brilliant testimony to the Cosentino legacy of uncompromising quality and excellence for many years to come."

This month Mitch Cosentino has launched pureCru Napa Valley, which he described as a "small, hands-on entity where I could do it all myself again, like I did in the beginning".

Printer friendly version