Sir David is toast of wine merchant after rescue bid

A HISTORIC city wine merchant has been rescued by former Rangers chairman Sir David Murray.

It emerged earlier this week that Cockburns of Leith had gone into administration, threatening Scotland's oldest business of its type. Now Sir David – a known wine enthusiast – has bought the business through his Wine Importers group.

The business, which is based in Haymarket was said to have been a favourite of Sir Walter Scott's.

The deal has been done so quickly that the business will be able to deliver weekend supplies.

He said: "It would have been tragic if this business had been lost and this brand had been lost.

"Cockburns is an important part of our wine heritage and could not be allowed to disappear or leave Scotland.

"As much as it's expansive, it's defensive."

In recent years Cockburns has focused on almost exclusively selling to restaurants across the country.

But last week directors said it could no longer continue to trade.

Joint administrator Colin Dempster added: "To have safeguarded the historic name of Scotland's oldest wine wholesaler is a great result."

Sir David already owns vineyards in France and purchased the Wine Importers business in 2006 for around 1 million.