Begbies Traynor has sold long-established wines and spirits wholesaler, Morecambe Bay Wines and Spirits Co out of administration, saving more than 40 jobs.

The wine and spirits merchants, which had a turnover of £24m in 2012, specialises in providing wines, beers, spirits and confectionary to the leisure industry, and also brews its own award-winning beers under the Cross Bay brand.

The business sought help in December after cash flow difficulties caused by increases in debtors and stock, and the loss of trade credit from its largest supplier, left it unable to pay its debts.

The business and assets of Morecambe Bay Wines and Spirits Co were sold to limited liability company, Morecambe Bay Wines, on 5 February 2013.

Dean Watson, a partner at Begbies Traynor, said: 'The immediate concern when handling this administration had been to secure jobs, while ensuring the best return to creditors.'