Global Vintners has bought Fairtrade wine importer Ehrmanns in a move that will allow it to trade minus "substantial bank debts".

Ehrmanns, which also imports Arniston Bay, would "remain exactly the same" with no changes to staff, but a new company name would be announced in September "or as soon as one had been decided", a spokeswoman said."Apart from the change of name, there are as yet no definite future plans for the business. "But we will now have time and space to look at the direction of the company without the burden of debt, which has previously held back development," she said.

Global Vintners, an international wine investment fund with assets in Spain and the UK, said it was "pleased with the investment and the opportunities it would provide."

Ehrmanns added that its new owner would be able to pay its ongoing creditors in full.