The Marqués de la Concordia Family Wines (MCFW), once considered among the highest-grossing wineries in Rioja, found itself burdened with debts amounting to €64m, leading to bankruptcy proceedings that are now resulting in the dissolution of the company and the sale of its properties.
According to a report by wine-searcher, Metric Capital Partners, holding a significant stake in The Haciendas Company, the parent company of MCFW, has accused Victor Redondo Sierra, a former director of the Haciendas Company and MCFW, of misappropriating or otherwise misusing funds. In written statements submitted to a Madrid court at the end of last year as part of the bankruptcy proceedings, Metric Capital Partners alleged, "Mr. Redondo disposed of the assets and rights of the corporate group as if it were his private estate. The number of cross-connections between the 32 companies is so extensive that it is impossible to keep track of where the money has ultimately gone."