Personal Sommeliers Makes Loss Provision as a Result of Silicon Valley Bank Closure
Day-of-Event Food & Beverage Professionals
Personal Sommeliers Inc. announced today they have made provision for an expected loss as a result of the closure of Silicon Valley Bank.
Although we’re disappointed with the sudden and unexpected closure of SVB, we’re in a fortune position to have a well diversified portfolio of cash holdings and will not lose a dollar of capital. ”
LAS VEGAS, NEVADA, US, March 12, 2023 /EINPresswire.com/ -- Personal Sommeliers Inc. (https://personalsommeliers.com) announced today they have made provision for an expected loss as a result of the closure of Silicon Valley Bank. (Personal Sommeliers is privately-held and does not disclose financial details.)— Robert Smith, President & Master Sommelier
Silicon Valley Bank (SVB) provides banking services for essential Personal Sommeliers operations, most notably as recipient of customer payments and disbursement of employee, supplier and tax authority payments. The unexpected closure of SVB has resulted in a significant disruption of company operations directly linked to their SVB account, which will require several days to repair.
As result of cash portfolio diversification and protections provided by the FDIC, the company has sufficient working capital to fund operations and does not anticipate any loss of capital as a result of their banking relationship with SVB.
“Although we’re disappointed with the sudden and unexpected closure of SVB, we’re in a fortune position to have a well diversified portfolio of cash holdings and will not lose a dollar of capital as a result of this unfortunate event. However, the disruption to our regular and essential operational activities will undoubtedly result in otherwise unnecessary real dollar expenditures, for which we intend to seek remedy from all responsible parties once repairs are completed,” said Robert Smith, President & Master Sommelier.
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