One of Ilkley's most prestigious companies has had to close two of its sister businesses.

Martinez Fine Wine has confirmed that the liquidators have been called in to wind up the Vibona Olive Oils franchise and purchasing firm JW Martinez-Perez Ltd.

Notices giving details of the decision, and the appointment of liquidators, were published in the London Gazette for JW Martinez-Perez Ltd last Friday, February 28, and for Vibona on Monday.

The move follows an earlier meeting with creditors, the notices for which were published on February 14, when it was agreed to wind up both companies.

Owner Julian Martinez-Perez said the decision would not have an impact on the Martinez Fine Wine store in Brook Street.

He said: "The problem was that our active partner with the Vibona franchise couldn't continue working through illness, and that meant we had to wind it and JW Martinez-Perez up.

"This won't affect the Ilkley store, it will be business as usual."

Martinez Fine Wine was founded as a Bradford-based wholesale operation by John Martinez in 1979. The company opened its Ilkley shop in 1981 and further stores were opened in Harrogate and Leeds during the 1980s.

But ill-health meant that Mr Martinez had to close the later stores in 1989. His son, Julian, bought his father's share in the Ilkley shop in 1992 after returning from working overseas, and in 1993 reopened the Harrogate business.

The company took a 50 per cent stake in the Vibona Olive Oils franchise in 1996, and took it over completely in 1999.

That was when it also moved back into wholesale by setting up its purchasing division. The company has a reputation for selling quality, top range wines and is listed and recommended in the Which? Wine Guide 2003.