Sinko-Bank submitted an application for the bankruptcy of the Georgian wines distributor Ave Wine
The 36.6 pharmacy chain, which was created by ex-owners, Vladimir Kintsurashvili and Ivan Saganelidze, the Ave Wine distributor can leave the market. His bankruptcies in court are achieved by Synko Bank. It is increasingly difficult for small suppliers to work in the market, where the largest retailers provide the main share of imported supplies. Difficulties could have arisen due to the company’s decision to focus on the wines of Georgia: these products are perceived in Russia as a budget, without being in demand in an expensive segment.
The Moscow Arbitration Court at the end of March adopted the statement by Sinko-Bank LLC on the bankruptcy of the District of the Win District LLC Avevayn (works under the Ave Wine brand), follows from the materials of the court. Ave Wine and the Kommersant’s financial organization did not quickly respond.
Ave Wine specializes in the distribution of Georgian wines. The company was created in 2018 by Vladimir Kintsurashvili and Ivan Saganelidze. Entrepreneurs are well known in the pharmaceutical market. By the end of 2017, they were co -owners of the 36.6 pharmacy network. Having sold their shares of investors pool, in 2018 they began to develop the Ave brand in 2022 on the basis of the remaining pharmacies in 2022 united a 41 point, but then many of them closed due to problems with creditors (See “Kommersant” dated February 16, 2024). Now, according to RNC Pharma, there are no active AVE pharmacies.
In Avevayn LLC, Ivan Saganelidze belongs to 50.5% of the shares, Vladimir Kintsurashvili – 49.5%, follows from the SPARK. The company’s revenue in 2023 amounted to 230 million rubles, increasing several times a year by the year. Net profit decreased almost three times, to 10.9 million rubles. Avevine also owns the Organic Guru trademark, under which care cosmetics are produced.
If the Court recognizes the Synko-Bank statement justified, the observation procedure will be introduced against Avevayn, says Tamara Filin, lawyer of the KIIAP lawyer bureau.
From this moment, lenders, according to her, will have 30 days to declare their claims. The next step will be the opening of bankruptcy proceedings. Anna Rubin, senior consultant to the Kamenskaya & Partners Law Firm, does not exclude that Sinko Bank will be the only noticeable creditor: so far no one has yet announced his intentions to bankrupt Avevine.
Import of alcohol to Russia in 2024 decreased from 102 million to 99 million, the head of the Rosalkoltabakcontrol Igor Aleshin, the head of the Rosalkoltabakkontrol, said earlier. The supply of wine, according to him, has been preserved at the same level. Products from unfriendly countries, the duties for which last year were increased from 20% to 25%, gradually replaces imports from other states, including Georgia.
Igor Aleshinthe head of the Rosalkoltabakcontrol, in an interview with Rossiy Gazeta on March 27:
“As for the wine, everything is clear here: while Russia is not enough for their vineyards.”
But it is not easy to work for distributors now: the whole import of wine is carried out on prepayment, this is superimposed on a growing credit load, says Alexander Stavtsev, head of Wineeretail. 80% of products are imported by retailers independently. It suggests that in conditions of high consolidation, only businesses are able to compete, ready to import large volumes of products. This forces small guilt distributors to leave the market, the expert believes.
Mr. Stavtsev draws attention to the limited positioning of Georgian wine in the Russian market. Consumers, according to him, perceive it as a mass product in the budget segment. Georgia practically does not try to promote its quality products in Russia, more expensive and premium wines are not in demand now, he explains. The expert does not exclude that this eventually could adversely affect Ave Wine business.
