Brothers Greg and Anthony Alken, former owners of Febvre & Company, have withdrawn their case against the wine distributors on the first day of the legal proceedings.
The brothers took action against the company after losing control of it in 2014, claiming its new owner, Padmore Limited, acquired the business unlawfully.
With the withdrawal of their case, the Alkens have acknowledged that the shares issued in Febvre and Co. Limited in favour of Padmore Limited have been ‘lawfully and validly vested’.
Jim Bradley, Managing Director of Febvre said he was delighted for Febvre’s staff, customers and shareholders, ‘in that the uncertainty caused by the long running proceedings had been brought to a clear and unambiguous conclusion and that Febvre could now concentrate on its day to day business in what are difficult market conditions’.
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