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Vinance directors – Earl, Ford and Wallen – now disqualified

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Vinance plc: Fine Wine Portfolio Managers!


'All four directors of Vinance PLC have been the subject of disqualification proceedings taken by the Insolvency Service. Each director has now given a legally binding undertaking not to act as a director of any limited company for a long period of time.

Simon Earl – 10 years
Simon Ford, Paul Ford, Mike Wallen – 9 years each
 
If they breach their undertakings, they can be prosecuted. Simon Ford has resigned as a director of Electus Wines Ltd.'See previous investdrinks post here.

This ban means that Simon Earl, Simon Ford, Paul Ford and Mike Wallen cannot act as shadow directors surreptitiously running a company. 

Following Simon Ford's resignation (13.1.2015) as a director of Electus Wines Ltd, the company's future may well be uncertain. The sole director is Timothy Graham Ford, Simon's father who celebrates his 70th birthday today. Will he want to continue the business, which Simon Ford told me he would be running from Ottawa? The company is now registered at a private address in Blackheath.  

In February 2013 Simon Earl and Mike Wallen were jailed for their part in running a brothel and prostitution ring. Details here.  

My thanks to Chris Herron for keeping me informed. It would be good if all insolvency practitioners were this helpful!

Finite Futures Ltd (13.10.14) – '30 years experience' @Infinite Speed!

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Home page for Finite Ideas Ltd 

'Over 30 years experience'

'Our merchants here at Finite Futures are among 
the most knowledgeable in the Fine Wine industry'

Smiling besuited man a stock image

Finite Futures Ltd founded on 13th October 2014

Finite Futures Ltd has certainly hit the ground running – founded as recently as the 13th October with 33-year old Adam Knowles as the sole director – the website claims over 30 years of experience. The company claims 'many success stories'. 

Knowles has no other directorships and the companies share capital. The company is registered at 7 Egremont Place, Brighton BN2 0GA. The contact address given on the website is 78 York Street, London W1H 1DP. This is a virtual office with 578 companies listed there. Finite Futures Ltd website was registered on 8th December 2014. 

 
 
 78 York Street, London W1H 1DP
'578 companies found at 78a York Street, London'

Finite Futures Ltd website registered 
on December 8th 2014 

Home, About Us, Blank, Contact Us

The 'Blank' on the Finite Futures Ltd website clearly indicates that their website remains a work in progress.

Despite Adam Knowles and Finite Futures Ltd claims of 'over 30 years experience' and being 'among the most knowledgeable in the Fine Wine industry I think I will give Finite Futures Ltd a wide berth!
 

 



 

APW Asset Management Ltd into administration or liquidation? Letter from Chima Maduabuchukwa

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Letter (see below) sent by Chima Maduabuchukwa, sole director of APW Asset Management, to clients of APW Asset Managment undated but investdrinks understands it was sent out in mid-December. Maduabuchukwa announces that Quantuma LLP in Marlow will take day to day control. No record at Companies House for the the moment that the company is either in administration or liquidation.
45-year-old Chima Maduabuchukwa was appointed director of APW on 16th July 2014. He is based the Bahamas at F-40393, Regent Centre Suite 1A, Explorers WA, Freeport, Grand Bahama, Bahamas.
The Drinks Business has an excellent report on the current situation at APW Asset Management Ltd. See here
See also Tony Hetherington – Mail on Sunday on 10th January 2015 on 75% loss on a £5000 wine deal.  
More to add.  

From: Chima Maduabuchukwa

'Dear Sir/Madam, 
Following the successful introduction of the finest Australian wines to the UK market over a decade ago, APW has always endeavored to offer wines focused predominantly on high quality and low production, both for distribution and bedding down for potential capital growth along with a high standard service match. 
Our vision has always been to service our customers as effectively and efficiently as possible. We will be the first to admit that this has not always been achieved, especially over the last few years with the global recession affecting market conditions and in turn the level of customer satisfaction we aimed to provide.
Starting with an initial 5-year plan to achieve a high number of sales. This was achieved successfully and continued for several more years. We envisaged the collective purchase of wines would place our customers in an ideal position to reach a wider audience in the secondary market. Thus, allowing our customers to exit the wine market profitably and trouble-free.
In 2008 the global recession affected businesses from all sectors globally. The wine market was no exception. Within the fine wine sector the more speculative new world wines were some of the hardest hit, and although we had always expected prices to return as the market works in cycles, this has not been the case. Due to the strains of the recession, the demand for secondary market sales has far exceeded our projections by several multiples and has put a considerable strain on our resources and our ability to once again deliver at the level we had hoped.
Under the tenacious stewardship of my predecessor, APW sort new avenues in order to meet the high customer demands for secondary market sales and have been able to achieve reasonable success through trade affiliates in China and through UK auction houses as well as online auction and retail sites. 
Unbeknownst to most our customers, at the height of the recession, our founder and premier supplier based in Australia passed away unexpectedly, forcing a reorganisation of the business. In order to move forward, APW had to reconcile orders and consider an alternative direction into 1st Cru Bordeaux and Super Tuscan wines. Another unexpected occurrence was the closure of the Colonial Estate vineyard, which APW had heavily invested with.  This meant we were in short supply of a vintage allocation that was already secured to APW. It also had a huge effect on the development of our secondary market where the funds were diverted from expanding our trade options to replace a consignment of wines that we hadn't receive. 
Due to these constraints APW has been in talks with a major wine investment and asset management consortium looking to add Australian new world wines to their portfolio. APW has been in discussions for several months with and are pleased to inform you that the imminent acquisition of our client base will hopefully be announced in the New Year. This is good news for those customers looking for more secondary market presence and further reaching trade affiliates, as this is exactly what will be available once acquisition is concluded. 
In the mean time, it is with a heavy heart that we inform you that we will no longer be advising and managing your day to day and will be passing all management of APW affairs to Quantuma LLP of 81 Station Road, Marlow, Bucks, SL7 INS. 
APW views this as a necessary step towards safeguarding all our customers' positions and assets held under our management. It is also in many ways a progressive step towards hopefully finally delivering our initial vision of a full circle one-stop-shop service to trading the world's finest wines, ensuring all elements are optimised for diversification. 
Yours Sincerely,
C. Maduabuchukwu Director




APW Asset Management Ltd headed for liquidation or still administration? (an update)

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Although there are rumours that APW Asset Management Ltd, who offered Australian wines as an investment, is headed for liquidation. This has not been confirmed by Quantuma LLP, who are handling APW's affairs.

In response to my asking yesterday what the current status of APW Asset Management Ltd Quantuma LLP replied: 'At this moment we cannot confirm anything regarding the above case'. I'm promised an update when they are able 'to release some information'. 

Clients of APW Asset Management Ltd received a letter in December from Chima Maduabuchukwu, the company’s now sole director, telling them that ‘we will no longer be advising and managing your day to day and will be passing all management of APW affairs to Quantuma LLP of 81 Station Road, Marlow, Bucks, SL7 INS.’

The phones at APW Assessment Management Ltd are not being answered instead there is a message that the mailbox is full.    

Wines for APW clients are stored at London City Bond in numerous sub-accounts. LCB have frozen the whole APW Asset Management Ltd account as substantial storage charges are overdue. David Hogg at LCB’s Vinothèque said: “I’m sure the amount owed will be sorted out but is just a question of playing the waiting game.” 

“A number of APW clients have told us that they paid their storage charges at the end of last year,” said Hogg. “However, APW has not passed these on to us.”

Given that APW Asset Management Ltd appears not to be currently functioning and that the sum owed to LCB is some six figures, liquidation would now appear to be more likely than administration. Furthermore as monies paid over to APW for storage at LCB by their clients appears not to have been passed over, this raises the question of whether all of the wines ordered recently by investors have been purchased.  

 
Avoid UK Agora Ltd 
At least one APW client has been approached by Jamie Ellis of UK Agora Ltd offering to sell them wine as they ‘are more reputable than APW’. UK Agora Ltd was set up in April 2014. Ellis was previously a broker with APW. On 22nd January 2015 Ellis offered £2500 for six bottles of 2009 Penfolds Grange including a 10% brokerage fee. wine-searcher shows that a six bottle case can be bought for £1560 from Berry Bros & Rudd. Today UK Agora Ltd's website has disappeared. Let's hope it stays down!

Six bottles of 2009 Grange for £2500 from UK Agora Ltd
including 10% brokerage fee 

Other prices for six bottles of 2009 Grange from £1477.60  

April Fools' Day makes early appearance!
From the UK Agora brochure: 
'Since the beginning of 2014, UK Agora Ltd has developed 
a standing as one of the primary fine wine investment businesses.'

  
 Formerly with APW Asset Management Ltd 
now Nicholas Gibbs is apparently with UK Agora Ltd

If the price of the 2009 Grange is any indication, UK Agora Ltd would appear to be following on with the investment pricing policy of APW Asset Management Ltd. Lionel Nierop of Bid for Wine has told investdrinks of a client of APW who a few years ago invested over £300K in Australian wines but was only able to realise around £60,000. A rule of thumb Nierop says investors can reckon to get back 20p in a £1 on their APW Australian investments at auction. This assumes that the wines are auctioned in bond.     

APW Asset Management Ltd was set up in December 2002. It was originally called Australian Liquid Assets Ltd, changing its name to Australian Portfolio Wines (UK) Ltd in early 2003. In early 2013 the company name was changed APW Asset Management Ltd. 

APW Asset Management Ltd has been run by a number of directors including Arlene King (July 2008 to December 2010), who was also the company secretary from July 2005 to December 2010. King has been a director of The Bordeaux Wine Company, another wine investment company, since January 2005 and is currently its sole director. Both companies have the same registered office in Kenton.  

41-year-old Frederick (Freddy) Achom is the senior partner and major shareholder in The Bordeaux Wine Company and a founder and chairman of The Rosemont Group. Achom has had a chequered career. In 2010 and 2011, according to Wikipedia, Achom was included in the Evening Standard’s list of 1000 most influential Londoners. He has also been listed as one of the UK’s Most Influential Black People. Wikipedia reports that: 'In 2012 his Rosemont Group’s wine asset management subsidiary companies, which span the UK, Australia and China, were reported to have over 50 million pounds of wine assets under management.' 

However, back in September 2000 Frederick Achom was sentenced at Southwark Crown Court, London to a year’s imprisonment for fraud. He was barred from being a UK company director from July 2002 to July 2013.  His first wine investment company – Boington and Fredericks Ltd – was closed in the public interest in January 2002.

Chima Madu's Global Bordeaux site 

The Bahamas Connnection    
Chima Maduabuchukwu, also known as Chima Madu, is APW’s sole director (appointed August 2014) and is based in the Bahamas. He also runs Bahamas-based Global Bordeaux, a wine investment company, set up in 2013. Its address is: Suite 1A Regent Center, West Explorers Way, Freeport, Grand Bahama, Bahamas P.O.Box F-40337. Chima Maduabuchukwu's Bahamas address is Centre Suite, 1A Regent Center, West Explorers Way, Freeport, Grand Bahama, Bahamas F-40 393.
Regent Centre Suite 1a Regent Centre, Explorers Wa Freeport Grand Bahama Bahamas F-40 393

Read more at: http://companycheck.co.uk/director/919051387

Its website claims: 'At Global Bordeaux we use our expertise to successfully navigate the fine wine market for investors seeking growth and stability.' Wines are stored at London City Bond. 

Chima Madu was previously a director of the now dissolved Rosemont Overseas Investments Ltd (formed 5.8.2008). At the time Rosemont Overseas Investments Ltd was set up Chima Maduabuchukwu's address was 28D Fitz John's Avenue, London NW3 5NB. 

His fellow director was 42-year-old Dean Achom (DOB: 9.8.1972). Dean Achom has been a director of several companies including Rosemont Marketing Ltd that was formed in 7.12.2001 and dissolved 17.3.2009. Achom was a director from 22.1.2005 to 17.3.2009.  

Who I wonder decided to appoint Chima Maduabuchukwu as the sole director of APW Asset Management?

APW Shareholders
APW Asset Management Ltd has £100 of issued share capital. The parent company is The Big Wine Company, which is not registered in the UK. It's registration number is #0059904. Some where off-shore? 

 Share capital: £100 – 5% held by Enzo Giannotta 
and 95% by Big Wine Company Ltd 

 Ultimate parent company: The Big Wine Company Ltd
Not registered in UK. No: #0059904
 

More to come as story unfolds ....  

See the fine investigation by Neal Baker in The Drinks Business on APW.   
ROSEMONT MARKETING LIMITED

Read more at: http://companycheck.co.uk/company/04335965/ROSEMONT-MARKETING-LIMITED/directors-secretaries



APW Asset Management Ltd into voluntary liquidation

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It was confirmed yesterday (12th February 2015) that APW Asset Management Ltd is going into voluntary liquidation. The creditors' meeting to appoint the liquidator will be held on 6th March 2015 at the Holiday Inn, High Wycombe starting at 10.30. 

Creditors needing further information should contact Caroline Lowes of Quantuma on 01628-478100 or caroline.lowes@quantuma .com

Previous investdrinks story on APW Asset Management Ltd here.  

APW Shareholders
APW Asset Management Ltd has £100 of issued share capital. The parent company is The Big Wine Company, which is not registered in the UK. It's registration number is #0059904. Somewhere off-shore? Is there perhaps a possible clue in its initial letters – BWC?

I hope Quantuma will be able to reveal who the ultimate owners of APW Asset Management Ltd are? 

Hong Kong Monetary Authority (HKMA) warns against "HKIC Group"

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HKIC Group – home page  

False claims: Regulated by: Hong Kong Monetary Authority 
Monetary Authority of Singapore

Press release from The Hong Kong Monetary Authority issued on 4th February 2015:  

'Suspected fraudulent website: http://www.hkicgroup.com

The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a suspected fraudulent website with the domain name "http://www.hkicgroup.com".  The website is operated by an alleged "HKIC Group", which claims that it is regulated by the HKMA.

The public should be aware that the alleged "HKIC Group" is not authorized under the Banking Ordinance to carry on banking business or the business of taking deposits in Hong Kong, nor does it have the approval to establish a local representative office.

The HKMA has referred the case to the Hong Kong Police Force for further investigation.  Anyone who has provided his or her personal information to the website or has conducted any financial transactions through the website should contact any local Police Station or the Commercial Crime Bureau of the Hong Kong Police Force at 2860 5012.

Given the global nature of the Internet, members of the public are reminded to verify the status of any organisation making use of the Internet to solicit deposits from the public.  A list of authorized institutions is available on the HKMA's website (www.hkma.gov.hk).  Members of the public may also check the status of any entity in Hong Kong which solicits deposits from the public with the HKMA by calling its public enquiry hotline 2878 8222.

Hong Kong Monetary Authority
4 February 2015'

The HKIC Group also claims to be regulated by the Monetary Authority of Singapore. This claim would appear to be as false as the Hong Kong claim since a search on the MASNET website produces no result for HKIC.

A director of a wine investment company told me recently that the HKIC Group 'approached a client of ours offering to buy a case of Lafite ‘98 and a case of ‘02 for the princely (and sadly unbelievable – in the literal sense) sum of £18,500.  Very nice too!'

A quick check on wine-searcher shows that Albany Vintners currently have the 2002 Lafite-Rothschild listed at £4650 a case, while Cavex – Fine Wine Trading had the 2002 at £4500 on 15th January 2015.  

 Contact information: serviced/virtual offices

 Our services at 31/F Chinachem Century Tower

 Serviced and virtual offices@ 32 London Road, Guildford 

Copyright on website supposed to be 2007
but website registered on 6th January 2015 

 
I will certainly follow the advice of the Hong Kong Monetary Authority (HKMA) and avoid the HKIC Group.  

Noble Rock Partners or Claremont Partnership? I'd avoid both!

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Home page of Noble Rock (Noble Rock Partners) 
or is it Claremont Partners Ltd?

The following message from TJ was passed onto investdrinks by a wine company:

TJ: 'I have just been approached by an investment company called Noble Rock; a cold call.

I spoke to a Peter James who quizzed me about who had contacted me regarding my wine portfolio and what I had been offered. His reply was "Oh no your portfolio is worth a lot more". Having given some details of my portfolio he telephoned back later and said their company could guarantee a sale around £58,000. Then, he said it would require a deposit of around £5,800 (a management fee) payable to an escrow account. The escrow account, he said, was to act as a safeguard between myself and the company.

I receive the paperwork today. The company has assets of over £2 million.

This all sounds rather risky to me! What do you think? Have you heard of them?'

Although the website is called Noble Rock – the company is actually Noble Rock Partners Ltd. There was a Noble Rock Ltd – apparently unconnected – which was dissolved in 2013.  



Although Noble Rock Partners Ltd was incorporated on 3rd December 2012, it wasn't active until December 2014 as it changed its name from 1st Network Ltd on 10.12.14 – the day after Philip Elman, the sole director was appointed. The previous director Darren Symes resigned the same day. Share capital is £1, which is held by Paramount Properties (UK) Ltd. The company's website was registered on 22nd December 2014.  



 £1 share capital apparently worth: £2,781,743

Parent company: Paramount Properties (UK) Ltd

Healthy balance sheet!!

Northern Rock Partners Ltd offers investment opportunities in oil, gold, capital exchange and wine, except that it is clearly used text from an earlier company called Claremont Partnerships Ltd, whose initial director was Darren Symes and its parent company is also Paramount Properties (UK) Ltd. 

You have to be so careful when you cut and paste! 

 
 Noble Rock website but 'The investment objectives 
of the Claremont Partnerships is ....

Noble Rock website but 'The Claremont Partnerships..... 

Noble Rock carries logo of World Finance 
Investment Management Awards 2013

+

CIPA International Investment Awards 
Noble Rock website carries logo of World Finance Investment Management Awards 2013 and the CIPA International Investment Awards. Noble Rock Partners Ltd has not won an award in either of these competitions.  


On 7th November 2014 redd-monitor.org warned here about The Claremont Partnerships Ltd.  There doesn't appear to be a current website for The Claremont Partnerships Ltd. Instead it would appear that they are now operating as The Noble Rock Partnership. 

Offered £58,951.78 by the Noble Rock Partnership Ltd a look on wine-searcher shows that TJ's portfolio could be bought for around £19,000. Of course if TJ was to sell his portfolio, he could expect to get around £17,000 – assuming a 10% commission charge. Remarkable that Noble Rock is able to offer £58,951.78– presumably why they charge a refundable 'management fee' of £5895.78.  


Noble Rock Partners Ltd: 'Cancellation Policy 
By placing an order you accept that our mutual dealings are speculative and subject to the financial markets and therefore fall outside the distance selling regulations. Requests to cancel must be submitted by email or post.' 

This is incorrect. Fine wine is not a regulated financial market and is therefore subject to the 2013 Consumer Contracts legislation.

Paramount Properties (UK) Ltd 
Paramount Properties (UK) Ltd is the parent of Noble Rock Partnership Ltd and Claremont Partnerships Ltd. Founded in June 1981 Paramount Properties (UK) Ltd has been dormant since at least 1995. Its sole director is Neil Stuart Cohen born in 1961 and was appointed in March 1991.

Neil Stuart Cohen is currently the sole director 
and has been a director since March 1991  
  
 
Noble Rock Partners Ltd – thanks but no thanks!

Kenneth Jean Pierre Gundlach (Bordeaux Fine Wines Ltd): gets 15-year ban

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Kenneth Gundlach gets 15-year directorship ban for wine investment scam  
Will criminal charges follow?

'Insolvency Service press release Bordeaux Fine Wines



20 February 2015


Fine wine scammer gets maximum disqualification
Kenneth Jean Pierre Gundlach, the director of Bordeaux Fine Wines Limited, a company which sold wine to members of the public, has been disqualified from promoting, managing or directing a limited company until 2030 for failing to purchase at least £9.3 million of wine sold to investors.

In the undertaking given to the Secretary of State for Business, Innovation & Skills, Mr Gundlach accepted that he had failed to purchase and/or allocate at least 1,750 cases of wine to satisfy purchases made by its customers. His disqualification is for 15 years, the maximum period available.

Investigators noted that Mr Gundlach had received dividends from the company totalling over £10 million and found that this was in excess of the value of the wine the company ought to have purchased for its customers

Commenting on this case Paul Titherington, Official Receiver in the Public Interest Unit, said:
“It was Mr Gundlach and his salesmen who benefited from this company rather than its honest investors.  He continued to sell wine when he knew he had failed to fulfil earlier sales. Anyone showing such blatant disregard for commercial morality should expect to be banned from running any limited company for a lengthy period time.”  

The disqualification follows investigation by the Public Interest Unit, a specialist team of the Insolvency Service. Mr Gundlach used the dividends he received from the company to fund his lifestyle which included payments for performance cars, race horses (including Bunbury Cup winner Field of Dream), private jet hire, and designer clothing and jewellery.  Mr Gundlach continued to market and sell wine to existing investors at a time when he knew or ought to have known that those investors had still not been allocated the cases of wine they had previously purchased from the Company. 

Bordeaux Fine Wines Limited was wound up in the public interest on 26th February 2014 following an earlier investigation by the Investigations and Enforcement Services division of the Insolvency Service.


The disqualification follows investigation by the Public Interest Unit, a specialist team of the Insolvency Service. Mr Gundlach used the dividends he received from the company to fund his lifestyle which included payments for performance cars, race horses (including Bunbury Cup winner Field of Dream), private jet hire, and designer clothing and jewellery.  Mr Gundlach continued to market and sell wine to existing investors at a time when he knew or ought to have known that those investors had still not been allocated the cases of wine they had previously purchased from the Company. 


Bordeaux Fine Wines Limited was wound up in the public interest on 26 February 2014 following an earlier investigation by the Investigations and Enforcement Services division of the Insolvency Service.

Commenting on the case, Vicky Bagnall, director of Investigations and Enforcement Services at the Insolvency Service, said:
“These excellent results show that where the public have been scammed we do not stop at winding the company up, we also pursue the individual directors to ensure that if they wish to trade again, they must do so at their own risk.”
  
Notes to Editors
Bordeaux Fine Wines Ltd (“BFW”) was incorporated on 18 September 2008. Its trading address was at 3rd Floor, Lansdowne Road, Croydon CR9 2ER


The petition to wind up the company was presented by the Secretary of State for Business, Innovations and Skills in the public interest following an investigation conducted by Company Investigations (Live), another specialist unit within the Insolvency Service. The winding up order was made against BFW on 26 February 2014.

The liquidator has advised that he has received claims from investors and creditors totalling £57,697,885 (including a claim from Her Majesty’s Revenue & Customs of £15,875,210 ) which are yet to be adjudicated. 

On 30 January 2015, Kenneth Jean Pierre Gundlach (“Mr Gundlach”) signed a disqualification undertaking for a period of 15 years which means that he cannot promote, manage, or be a director of a limited company until 2030.  The period of disqualification will commence from 23 February 2015.  The misconduct Mr Gundlach admitted to was:


Mr Gundlach caused BFW to trade in a manner which lacked commercial probity in that he caused it to fail to purchase and/or allocate sufficient cases of wine to satisfy purchases made by its customers. In particular between 3 March 2009 and the cessation of trade BFW:



Sold 3,196 cases of wine totalling at least £19,264,388 to members of the public as an investment; and

Failed to supply 1,750 cases of wine to accounts at the bonded warehouse in the investor’s name totalling at least £9,393,373 whilst only having 780 cases stored in its bonded warehouse which were sold by the liquidator for £1,513,150 before costs;
In addition, Mr Gundlach:
Caused BFW to continue to market and sell wine to investors who either had no account at the LCB or when BFW had not transferred the previous purchase into the investor’s bonded warehouse account; and

Failed to monitor and review the position of BFW with respect to the correct allocation of an investor’s wine to a bonded warehouse in their name when he knew from 1 October 2010 that BFW had failed to supply wine, and continued to do so when he admits he was fully aware from May or June 2013.

5.      The result of which is that following the making of the winding-up Order, wine held in BFW’s bonded warehouse account could not be allocated to a particular investor.

6.      At a time when BFW was failing to purchase sufficient wine to satisfy investors purchases and failing to allocate wine to a particular investor’s bonded warehouse account, Mr Gundlach:
Received dividends totalling £10,680,516 as shown in accounts filed at Companies House; and
Appears to have used BFW’s account for his personal benefit

Selected transactions identified in the Company bank accounts and/or records show the following payments:


·        £626,148 to bloodstock companies probably for the purchase of race horses;

·        £553,803 for the purchase and running of motor vehicles;

·        £170,000 to a well known bespoke jeweller;

·        £141,589 for private jet hire and associated costs; and

·        £38,500 for an office Christmas party.

A disqualification has the effect that without the specific permission of the court, a person with a disqualification cannot:
·        Act as a director

·        Take part, directly or indirectly, in the promotion, formation or management of a company or limited liability partnership

·        Act as an insolvency practitioner; or

·        Be a receiver of a company’s property

In addition many other restrictions are placed on disqualified directors by other regulations. Further information on director disqualifications and restrictions can be found at http://www.bis.gov.uk/insolvency/Companies/insolvent-companies



All public enquiries concerning the affairs of the company should be made to: The Official Receiver, Public Interest Unit (South), The Insolvency Service, 2nd Floor, 4 Abbey Orchard Street, London SW1P 2HT. Tel: 020 7637 6228  Email: piu.or@insolvency.gsi.gov.uk    



David Ingram of Grant Thornton UK LLP was appointed as liquidator of the BFW on 14 March 2014 following a meeting of creditors. As part of Mr Ingram's duties as the liquidator, he is to realise assets for the benefit of the liquidation estate and will investigate the affairs of Bordeaux Fine Wines Limited and the conduct of Mr Gundlach in so far as it assists him in identifying and recovering assets. To date, Mr Ingram has realised the total sum of £1,423,132 for the liquidation estate and his investigations are ongoing.  Investors and creditors who have not submitted a claim in the proceedings should contact the liquidator’s office: matthew.d.vines@uk.gt.com





Vine Capital Ltd 'our vast experience' but selling very over-priced 2012 Bordeaux as an investment!

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 'Vine Capital, fine wine specialists with years of experience etc.

 'Expert Advice'!!

 'Our vast experience in the wine trade has made us over 
the years the first point of contact for many wine collectors'

'As stock picking is a crucial aspect of building your portfolio,
it is vitally important to identify which wines to buy'

'our in depth knowledge of the market place'

Vine Capital Ltd and 31-year-old Ben Lancaster, their sole director and sole shareholder (100 £1 shares) claim vast experience. So why were they punting out a case (12 bottles) of 2012 Cheval Blanc at £7000 in mid-November as an 'investment' when Justerini & Brooks had this at £3,250?



Clearly Ben Lancaster and Vine Capital Ltd are vastly experienced at thinning investors' wallets!   



Vine Capital Ltd was formed on 2nd August 2010 and changed its name from Vine Investments Ltd to Vine Capital Ltd on 17.11.2010. Ben Lancaster (DOB: 18.7.1983) became the sole director on 1.9.2012. Since 14th March 2011 the company's registered address is 111 Buckingham Palace Road, London BW1 0SR. However, in October 2011 The Vine Capital Ltd placed an ad with Junior Broker for sales personnel to work in Bromley – London's capital of scams. 


Job location: Bromley

'At Vine Capital, we proudly take an active approach 
to research and analysis, offering a continually 
updated insight into the market and market forces... 
The future of the fine wine market is exciting and 
many industry experts are predicting an 
increase of 10% by December 2013 
and expect to see the market growing by 22% by Christmas 2014.' 

Reality check: on 30th June 2011 the Liv-ex Fine Wine 100 stood at 365. By 31st December 2014 the indice had fallen to 239 – a fall of 35%. So much for Ben Lancaster and Vine Capital Ltd's approach to 'research & analysis'! 

I shall be avoiding Ben Lancaster's Vine Capital Ltd – thanks but no thanks!   

Mr Lewis Samuels and Samuels & Parker Ltd – just the latest joker on the block!

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Samuels & Parker say they are specialists in Bordeaux but their home page features a cropped version of a photo of a New Zealand Sauvignon Blanc vineyard – see here


'Formed by a group of experienced and successful wine traders, Samuels & Parker are providing an opportunity for our clients to gain a foothold in the thriving and prosperous fine wine market.'

'We are committed to ensuring our clients receive the best market knowledge and access to opportunities that have only been available to a select clique. It is our fundamental objective to ensure complete customer satisfaction with our range of services and products.

Our entire team are extremely experienced and have an exemplary depth of knowledge and performance within the fine wine market – many forming long term relationships with our clients.

 'At Samuels & Parker, we have built a business on the basis ....'

'At Samuels & Parker, we have built a business on the basis that many independent financial commentators believe fine wines deserve consideration as part of a comprehensive collecting strategy. A holding in fine wine is part of the diversity argument.'

The guff on the Samuels & Parker website sounds impressive! Even more impressive when you realise that the company wasn't formed until 9th September 2014. Its sole director is 27-year-old Lewis Samuels (DOB – 7.10.1987). Samuels is also the sole shareholder of Samuels & Parker Ltd with £100 of share capital. The company was initially registered at 16 Rayfield Close, Bromley BR2 8JT.   

The mention of Bromley and investment is so reassuring!!



On 18th November 2014 Samuels & Parker Ltd's registered office changed to 3 More London Place, London SE1 2RE. These are serviced offices and this is given as their trading address.

Addresses in Central London and Hong Kong 
– both serviced offices

Regus serviced office @3 More
Serviced offices at Level 10, Hong Kong


Lewis Samuels and Samuels & Parker Ltd appear to specialise in offering to sell wine for their clients – nothing wrong in that except there is a nasty catch

At the beginning of the year one client (AG) was persuaded to transfer some 36 cases of fine wine, worth some £80,000, that was in-bond to Lewis Samuels. Samuels told AG that he had a client in Hong Kong who wanted to buy the wines in time for the Chinese New Year. The wines went into Lewis Samuels' private account. Samuels & Parker Ltd does not have an account at this bond.

Once the wines were in Lewis Samuels' account they were immediately transferred to another UK bonded warehouse. Very soon AG had doubts and tried to get his wine back/get paid for it. Despite AG chasing for payment to date he hasn't received a penny. And the wine? He was told it was now in Hong Kong but – quelle surprise!– the Chinese client no longer wants the wine! Samuels & Parker Ltd could, however, told AG that they could fly his wine back from Hong Kong at a cost of £9200!

Clearly Lewis Samuels is both a joker and a chancer as it is highly unlikely that AG's wines ever left the UK. Their alleged journey to Hong Kong is as fictitious as the Chinese client.  

Curiously AG received a broking list from Samuels & Parker Ltd called: 'Samuels & Parker Ltd Wine Stock 2015'. However, it is Corney & Barrow's broking list. As agents for DRC and Pétrus among others, Corney & Barrow would have nothing to do with the likes of Mr Lewis Samuels. Doubtless another instance of Lewis' sense of humour!

'Samuels & Parker Wine Stock 2015'
actually no – Corney & Barrow's list!
         
You might wonder why it is Samuels & Parker. I assume that Lewis added the Parker name hoping for additional gravitas and credibility from the famous American wine critic – Robert Parker. The great man happens to be in London this week. Whether Robert will welcome any linking, however tenuous, with Lewis Samuels is quite another matter – highly unlikely I would have thought.... 

I understand that AG has reported Lewis Samuels and Samuels & Parker Ltd to Action Fraud. I hope the police can intervene before Lewis Samuels turns magician and makes AG's wines disappear.
 
Clearly Samuels & Parker Ltd is one to watch out for and, as far as I'm concerned, avoid


The moral of this story is clear – do your due diligence properly before transferring your wine portfolio into someone else's account.




Lewis Samuels, Samuels & Parker Wine Ltd, Downham and Dubai

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In addition to Samuel & Parker Ltd (formed September 2014) Lewis Samuels (DOB: 7.10.1987) has  another wine company – Samuels & Parker Wine Ltd – formed on 28th January 2015, registered at 16 Rayfield Close, Bromley BR2 8JT. The company has share capital of £100 with Lewis Samuels as the sole director.

Rayfield Close, Bromley BR2 8JT

investdrinks understands that Lewis Samuels may believe that he is based in Dubai with wealthy family connections, so it is curious that Samuels & Parker Ltd was originally registered at 16 Rayfield Close as is Samuels & Parker Wine Ltd now.

On the other side of Bromley from Rayfield Close – a few miles to the north – is Downham and Sudbury Crescent with a Lewis Samuels, aged between 25-29, on the 2014-15 electoral roll. Of course, as Downham and Dubai both start with D it must be easy to confuse the two.... 

 32 Sudbury Crescent, Downham, Bromley, Kent BR14PZ



   




 

Watch out! Former EFW customers targeted by variety of scams

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The former offices of European Fine Wines Ltd in Bromley



Former clients of EFW/European Fine Wines Ltd are being targeted by a variety of scamsters – all dedicated to thinning clients wallets even further. Most overpaid for the wines they bought from EFW. It is very clear that client lists including not just contact information but also details of the wines they purchased have been passed around – sold on etc.

Over-high valuations and Chinese sales   
Some like Lewis Samuels of Samuels & Parker Ltd are making remarkably high offers on portfolios. Samuels, based in Downham and Dubai, tend to claim that he has a Chinese buyer for these wines – unfortunately the Chinese buyer has a tendency to be rather fickle and change their mind. More recently he has also found a UK buyer to pay around £72,000 for a portfolio valued by another, long established broker at £55,000.  

London City Bond – fake employees 
Other scamsters have pretended to be employees of London City Bond claiming to have located wine that they say they can sell for the client. Of course an advance fee is required to facilitate this sale. Needless to say – see the letter from David Hogg from London City Bond below – this is a lie. Like the famous Nigerian 419s this is looks to be advanced fee fraud.    

Dear Customer 

I am writing to you as the former storage provider for European Fine Wines.

As you will be aware European Fine Wines have now been placed into Liquidation and we are currently working with the appointed Liquidator.

However, it has been brought to our attention that some customers have received telephone calls and letters (see below) from unknown individuals, claiming to be from London City Bond (LCB) and offering to buy their wines or in exchange for a fee, secure your stocks from the Liquidator.

These people do not work for LCB and we never cold call any customers offering such services.

Should you receive any such calls, we would urge you not to accept any offer under any circumstances.

If you are able to ascertain any details about the caller, number used etc we would be grateful for this information in order that we can pass this on to the Police.

Please feel free to contact our Customer Services team on 0843 659 3617 or at vtcustomerservices@lcb.co.ukfor any further assistance.

Many thanks.

Regards
David Hogg

Sales Director



Text of letter above
12th Feb 2015

Dear Mrs

We write to confirm that we have located fine wine assets under your name which have been within our bonded warehouse. The storage for your assets are now due for renewal and so can you please inform us how you wish to proceed. We can offer you an option to sell your case of wine and we have been approached by an interested buyer who would like to present a formal offer of £7,228.91.

If you are happy to accept this offer of sale, a fee of £722.89 will be due to cover fees for the sale of which we will complete on your behalf.

Should you have any further queries, please contact us on 0207 859 4313.

Kind regards

James Reynolds
Storage Management


Abbott Fielding/Grant Thornton – fake employees
This is a variant of the fake employees at London City Bond. This time the scamsters claim falsely to be employees the liquidators and for a fee can release clients' wines. Again this looks like advanced fee fraud. 

Message from Nedim Ailyan of Abbott Fielding Limited:
    
'Evolution of Conmen

I am writing to you to see whether you could give assistance, as we have noticed over the last week or so a worrying development in the evolution of conmen in relation to commodity fraud and in particularly wine fraud.

As you are aware I am the Liquidator of in excess of a dozen wine frauds, the vast majority have been dealt with by the Police.  We have had disturbing calls from creditors over the last 3 or 4 days, where creditors have been contacted by individuals purporting to be from Abbott Fielding and requesting they pay across a sum of money to release their wine.

I have contacted other insolvency practitioners and established that Grant Thornton have also been the victim where third parties have contacted creditors of companies they are dealing with alleging they are from Grant Thornton and requesting payment of small sums of money to release their goods.

We have contacted the relevant authorities to advise this and are currently collecting the names and phone numbers which will be forwarded on to the Police.

Nedim Ailyan
Abbott Fielding Limited






The very persistent 'George Richards' of Prime Trading 5 Ltd

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A message from AT about Prime Trading 5 – a company I would avoid at all costs not least because it breaks the 2013 Consumer Contract Law.
  
'I came across your blog as I was searching the web for information on the above company. I wondered whether you would want to learn of my recent experience of them. I have had persistent phone-calls from 'George Richards' trying to convince me what a profitable investment fine wines would be were I to engage with this company.

Always wary of unsolicited phone-calls from unknown sources, I asked him whether he had any information which he could send to me to confirm that he and the company were genuine. This information did arrive in the post, but as I didn't find it to be very convincing, I tried to find the company via the internet. Instead, I only found your blog with its warnings about this company.

'George Richards' is still phoning several times per day. Sometimes he calls from phone number 07795817103. At other times the call is identified as "withheld". I've stopped answering when the number is displayed. When "withheld", I have answered and when he has revealed his identity I hang up.'

Scam APW Asset Management Ltd wound up in public interest

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APW Asset Management Ltd was wound up in the public interest in the High Court, Manchester yesterday. The company had clear links through directors with the Bordeaux Wine Company Ltdsee here. I trust that the Insolvency Service will now be looking at these links. The owner(s) of the parent company – The Big Wine Company  – have yet to be identified.   

Press release from Insolvency Service:  

Misleading wine ‘investment’ company with ‘shadowy’ majority shareholder closed down following Insolvency Service investigation


First published: 26 March 2015



APW Asset Management Ltd, a company which sold Australian wines to clients for investment and capital growth purposes, has been wound up by the High Court in Manchester on 25 March after making baseless claims that misled investors. 

An investigation by the Insolvency Service found the company made a string of patently false claims as to the soundness both of the potential investment returns and of how wines sales would be handled.  

In addition, the court heard that the company operated with a lack of transparency as to ownership and control. None of the company’s directors or personnel were able to provide information on the whereabouts or, indeed, existence of its 95% majority shareholder; and the control of the company does not appear to have rested with the appointed directors.

The company’s website claimed “APW proudly occupies the role of a ‘fiduciary’ in all its dealings, providing clients with a rare opportunity to obtain uncompromising and genuinely independent advice, free from conflicts of interest”. In contrast to this claimed role of fiduciary the investigation found that:
  
• since 2013 the main source of income for APW was from buying back wine from clients and reselling this wine to new clients, a process known as repack sales. Repack sales accounted for 91.2% of APW’s income by March 2014

• these repack sales resulted in the selling clients suffering an average loss of 44.3% on the price they had originally paid to APW for the wine


• APW then sold the same wine to new clients at an average profit mark up of 81.3%


• the new clients were unaware that the wine they were buying had been sold by other APW clients who had suffered sizeable losses


• the selling clients were led to believe that their wines were being sold by APW on the open market and not to new clients at a considerable profit to APW


• APW exploited the selling clients further by delaying or withholding payments due to them, including failing to remit in excess of £50,000 to the estate of a deceased client. The selling clients were falsely told that delayed remittances were attributable to extended settlement terms or to sales being made overseas when, in reality, the wine had been immediately sold to a new client who had made prompt payment to APW. The total amount due to clients in respect of unpaid remittances is estimated to be £600,000


• the delayed issuing of sales invoices and remittances to the selling clients has created confusion as to which client has legal title to the same wine by the company’s own calculation there is a deficit of 19,482 bottles of wine that should be held at a bonded warehouse on behalf of clients


Commenting on the case, Colin Cronin, Investigation Supervisor, said

APW used high pressure sales methods which emphasised the growth potential of its wine. Yet the viability of APW, in the latter years at least, depended upon its clients suffering losses on the wine they had bought for investment purposes. The company then cynically sold this same wine to new clients at a considerable profit for itself. This conduct is the very opposite of the fiduciary duty the company owed to its clients. 

These proceedings show that The Insolvency Service will take robust action against companies which operate against the public interest in this way.


I am aware that APW clients are now being targeted by a variety of businesses who falsely claim to have buyers for the wine, or to be able to release wine held by APW, or who are offering wine management services for the payment of upfront fees. I would urge clients to exercise great caution if approached by companies which purport to be able to assist in recovering their past losses. 

Similarly I would urge anyone cold-called and pressured to invest in any kind of investment to simply end the call as genuine investments are not likely to be sold in such a manner.

Notes to editors

APW Asset Management Ltd – company registration number 4618582 - was incorporated on 16 December 2002 under the name of Australian Liquid Assets Ltd. It changed its name to Australian Portfolio Wines Ltd on 22 January 2003 and to its current name, APW Asset Management Ltd, on 29 January 2013. The company’s registered office is at Pacific House, 382 Kenton Road, Harrow, Middlesex HA3 8DP.

The petition to wind-up APW Asset Management Ltd was presented under s124A of the Insolvency Act 1986 on 18 March 2015. The company was wound up on 25 March 2015 and the Official Receiver has been appointed as liquidator.


Company Investigations, part of the Insolvency Service, uses powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK on behalf of the Secretary of State for Business, Innovation & Skills (BIS). Further information about live company investigations is available.

All public enquiries concerning the affairs of the company should be made to: The Official Receiver, Public Interest Unit, 4 Abbey Orchard Street, London, SW1P 2HT. Telephone: 0207 637 1110 Email: piu.or@insolvency.gsi.gov.uk.






APW Asset Management in liquidation: possible appointment of liquidator

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Now that APW Asset Management Ltd has been wound up in the public interest I expect that the Insolvency Service will now seek to appoint an insolvency practitioner to wind up the company and do the necessary investigation. This this case it will be important that, if an independent practitioner is appointed that they do a thorough investigation into not only the running of APW Asset Management but also to discover who is behind Big Wine Company Ltd, the chief shareholder of APW Asset Management Ltd and what links there may be to other wine investment companies.

See here.

As previously I have agreed to post the following notice for the information of creditors of APW. If there are other insolvency practitioners who also wish to be appointed liquidator of APW, I will be happy to post notices from them, too.   

Message from David Ingram of Grant Thornton  
'Following the winding up of APW Asset Management Ltd it is likely that the Official Receiver will convene a meeting of the company’s creditors to appoint an independent Insolvency Practitioner as liquidator of APW.  At the time of writing the date for the creditors’ meeting has not been set.  The appointment of the independent liquidator will be based upon the value of creditors supporting the nomination of that Insolvency Practitioner.  I am aware that David Ingram of Grant Thornton is seeking the appointment as liquidator in this case; David and his team have dealt with a number of fraudulent wine investment companies, notably Bordeaux Fine Wines Ltd and Fine Wine Vintners Ltd.  David specialises in contentious insolvency appointments – those cases that require a thorough investigation as to the background of the insolvency and the dealings of the directors of the company. David’s email address is david.ingram@uk.gt.com and has advised me he is happy to answer queries from creditors of APW.'

DSL Fine Wines Ltd – another 'wine investment' company to avoid!

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DSL – leading wine merchant!!

average returns of 18-28% pa !!!

'We use the specialist wine storage facilities of Vinotheque'
Not so! No DSL account at Vinothéque - part of LCB   


Formed as recently as 28th January 2015 DSL Fine Wines Ltd is yet another 'wine investment' company we could well do without. Being a 'leading wine merchant' after less than three months trading is decidedly impressive – if a tad unlikely!

The company is run from a residential address in West Wickham – slightly to the west of Bromley. The sole director is 26-year-old Daniel Southey (DOB: 11.11.1988). On his DSL website Daniel Southey falsely claims that the company has an account at Vinothéque, part of London City Bond and that they offer two years free storage there. Neither DSL Fine Wines Ltd nor Daniel Southey have an account at Vinothéque. Indeed David Hogg, sales director at LCB and who runs Vinothéque, has never heard of Daniel Southey or DSL Fine Wines Ltd.

DSL Fine Wines Ltd claims that wine investment will bring you long-term returns on average of 18-28% per year. A quick look at the Liv-ex indices will show that this is complete rubbish and a cynical attempt to mislead potential investors.   

The DSL Fine Wines Ltd cellar plan is an exact copy of that of Berry Bros & Rudd, who have been informed and who will be taking the appropriate action. 

Trading Standards should note that the DSL Fine Wines Ltd website (registered on 8th February 2015) carries no Terms & Conditions. 

Daniel Southey's CV: from hair stylist to alternative investments thru diamonds etc.

 Daniel Southey CV: hair stylist with Antonio– 
senior sales executive with MC Investment Professionals Ltd – CEO DSL fine wines



 Daniel Southey – diamond broker, hairstylist


 Daniel Southey: senior sales executive at mc investments

 MC Investment Professionals Ltd: 
Founded 14.9.2012, dissolved 30.12.2014
brochure claimed to offer financial advice pensions etc. 
Neither Bromley based company nor individuals on FCA approved register 
Fortunately the company was short-lived


Flying pigs territory: 'We have long-standing experience 
in all aspects of investment consultancy.'


I would not touch DSL Fine Wines Ltd with a very long barge pole. 

        

  

Bonds against the Scammers

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Representatives from EHD and London City Bond (LCB) met with me on Tuesday 21st April in Central London to discuss launching a new initiative – Bonds against the Scammers. In particular they will now be sharing information with each other and investdrinks about scam wine investment companies. 

Although in competition with each other, EHD and LCB are committed to making life difficult for wine investment scammers. This is certainly business that they do not want.

It is not wanted because wine should be enjoyable and they do not want to see their customers being ripped off. It is also not wanted because when things go wrong and the scam company goes bust or disappears, then it is usually the bonded warehouse that is left to pick up the pieces. Left to deal with understandably upset and irate investors, who may often have sunk a significant proportion of their life savings into wine they either doesn’t exist or for which they have been charged far too much.

Although the bonded warehouses are not in any way part of these scams, it is not surprising that some defrauded investors unfortunately assume that the bonded warehouses are somehow part of the scam.

HMRC (HM Revenue & Customs) and the money laundering regulations require bonded warehouses to carry out due diligence on customers wishing to open accounts. It is clear that these regulations put the emphasis on those wanting to open accounts to prove that they are legitimate.

LCB and EHD already do refuse to open accounts for companies they consider dubious as well as closing or freezing accounts of companies or individuals whose accounts arouse suspicion.

Often scammers refused an account at one bonded warehouse will apply to another bonded warehouse in the hope of slipping through. EHD and LCB agreeing to share information on companies and individuals refused an account or who arouse suspicion will make life more difficult for the scammers.

The bonds will also exchange information on their due diligence procedures and see how far these can be coordinated.  

We hope that other bonds especially other third party warehouses like Octavian will join in this initiative. 


London City Bond (LCB) issue warning on Portcliffe Capital Ltd

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 'Portcliffe Capital is an active asset manager'
active only since company changed name on 10th December
'long term performance responsibily'Grade 1 rubbish


Filings with Companies House – Daniel White appointed 9.12.2014, 
company named changed on 10.12.2014
 

Below is a letter recently emailed by LCB Vinotheque to their customers warning about a George Harris (doubtless not his real name) and Portcliffe Capital Ltd. Harris is claiming to work for LCB and Portcliffe Capital Ltd is just another scam company claiming to be able to sell wine for investors. Instead once the wine is transferred they make the wine disappear leaving the all too trusting investor empty-handed.
Other companies playing this popular scam include Lewis Samuels' Samuels & Parker Ltd and Leon Brown's Bordeaux Exchange Ltd. Both companies target ex-clients of bust European Fine Wines Ltd.       


'Dear Customer


I wish to update you further regarding our recent communications concerning attempted scams being experienced by some of our customers.

We have recently received reports that some customers have been contacted, by telephone, from an individual claiming to be a George Harris who works for LCB, recommending they sell their wines through a company called Portcliffe Capital.  They claim the contact at Portcliffe Capital to be Darren Reid, who can be contacted on 0203 633 3174. Please be aware that LCB are not making these calls and would never approach our customers to offer to buy wine or act as an agent in such matters.

Furthermore, another wine investment company to avoid - DSL Fine Wines Ltd, based in Bromley, Kent, and the Director is Daniel Southey.  We wish to confirm that we have not, and will not, have any dealings with them.  For more information please visit Jim Budd's blog http://investdrinks-blog.blogspot.co.uk.

Again, we would encourage you to be extra vigilant, and if in doubt about any matter relating to your account, our dedicated Customer Services team, here at LCB Vinotheque, can be contacted on 0843 659 3617 or vtcustomerservices@lcb.co.uk.

Regards

David Hogg
Sales Director'

Portcliffe Capital Ltd has a share capital of all of £1. The sole director is Daniel White (DOB: 1975) of 1 Kingsley Road, Croydon CR0 3NP.
1 Kingsley Road Croydon England CR0 3NP

Read more at: http://companycheck.co.uk/director/919333462
1 Kingsley Road Croydon England CR0 3NP

Read more at: http://companycheck.co.uk/director/919333462

Below the only part of Portcliffe Capital's website that you need to read:

Disclaimer:
Portcliffe Group is a limited Company. Registered in England and Wales Company no (8327546). Trading financial products entails a considerable risk factor and is therefore not suitable for every investor. You should carefully consider your financial situation and understand the risk (seeking independent advice if necessary) prior to making any investment. Portcliffe Group is not Authorised or Regulated by the FCA.*


 *FCA: Financial Services Authority


 
 
 

Financial Conduct Authority on Cold Calls: hang up chances it's a scam

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Excellent and unequivocal advice from the UK's Financial Conduct Authority(FCA) on Cold Calls: 'the safest thing to do is to hang up'

'If you have been cold colded about an investment opportunity, the chances are it's very risky or a scam.'

Sadly advice that thousands of people who who fallen for investment scams will now wish they had heeded.

Walter Chase Ltd/ Hudson Chase Consultants: unapproved companies offering Pension Reviews

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 Welcome to Walter Chase 

I have had a message from ZT: 'I have been approached by a company called Walter Chase Ltd who have made an offer to swop my 4 cases of mixed wine for 2 cases of Mouton Rothschild 2002.' ZT concludes their message: 'I would appreciate your advice on this as, as you can imagine, I am very cautious.'

ZT is right to be cautious. Despite its impressive looking website Walter Chase Ltd lacks substance and any track record. The company does, however, offer free pension reviews. Walter Chase Ltd does not have approval by the UK's Financial Conduct Authority to offer financial advice.  

The company was founded on 21st  October 2013 with £2 of share capital, has one director 29-year old Matthew Frederick Boatwright and is registered at 4/4a Bloomsbury Square, London WC1A 2RP – a Regus serviced office. It appears that the company failed to file its last annual return on time and on 24th February 2015 the first Gazette was published giving notice that the company would be struck off. This notice was withdrawn on 24th March 2015 after the return was filed. The company's is due to file its first accounts on 21st July 2015.

The UK pension regulations have recently been liberalised allowing people to withdraw money from their pensions from the age of 55. Walter Chase Ltd is one of a number of new companies that are offering a free pension review: 


 

From the Walter Chase website: 
'Walter Chase is a consultancy company that works in close association with some of the most credible Independent Financial Advisers in the UK.

Our dedicated consultants will help you gather a better understanding of your current pension arrangements and will ensure that they are working towards your retirement goals. Some people believe that knowledge is power, here at Walter Chase we believe the more you know about your pension the easier it is to manage - improving its ability to grow, therefore increasing your chances of a comfortable and prosperous retirement.'

'Walter Chase is an independent consultancy company that has a passion for helping clients reach there (sic) financial goals. 

The mission of Walter Chase is dedication to the highest quality of customer service delivered with a sense of warmth, friendliness, individual pride and excellence. We believe that sensible preparation at the peak of your working life will generate a healthy income for your twilight years and because it is a complicated area it is one that requires the correct help and advice.

Our knowledge and ability to perform accurately, timely, professionally and courteously is what we promise to all of our clients.

Our commitment to great service is what drives our success.

Here at Walter Chase we do not charge you for your initial pension review. You might find that you can really improve the performance of your existing pension, which could make you more comfortable in your golden years.'


'At Walter Chase we work with you to help find the best money and direct product solutions for your circumstances. We listen closely to your needs and objectives in order to find out exactly what 'you' the client need. We then take the time to find the relevant professional service provider or product to help fulfil that need.'

 
 Step 1 – Introductory Consultation 
'Explanation of Account Managers Non Adviser status and non-regulated investments'

Step 2: 'This might include introduction to professional or regulated services.'


The only important piece of information on the Walter Chase website is that neither Walter Chase Ltd nor Matthew Boatwright are approved to give financial advice by the UK Financial Conduct Authority.  

The FCA: 'We must approve an individual before they are able to conduct certain types of business, such as selling or advising on investments like personal or stakeholder pensions, life assurance policies, shares or collective investment schemes.' 

Matthew Boatwright and Walter Chase Ltd rightly point out that pensions are complicated:
 
'and because it is a complicated area it is one that requires the correct help and advice.

Our knowledge and ability to perform accurately, timely, professionally and courteously is what we promise to all of our clients.

Our commitment to great service is what drives our success.'


There is nothing to suggest that either Matthew Boatwright or Walter Chase Ltd have the necessary knowledge or experience to offer reliable financial advice. The message from ZT suggests that a pension review from Walter Chase Ltd is likely to lead to offers to invest pension money in 'alternative assets' such as wine etc.   

Anyone wanting pension advice ought to make sure they deal with someone or a company that has approval to give the relevant financial advice. Check the FCA register here

Matthew Boatwright is a director of three other companies –  M. Boatwright Web Development Ltd (founded 3.4.2012 with £100 share capital, business activity given as Pension Funding), Investment Broker London Ltd (founded 13th December 2013, trading address Chislehurst Business Centre, 1 Bromley Lane, Chislehurst, Kent BR7 6LH) and mostly recently Chase and Walter Ltd (incorporated on 1st May 2015; registered address: 4/4a Bloomsbury Square, London WC1A 2RP)
 
The annual return for Investment Broker London Ltd has been overdue since 10.1.2015 and there is a currently a proposal from Companies House to strike the company off presumably for non-compliance with UK company law. The annual return for M. Boatwright Web Development Ltd has been overdue since 1st May 2015.

Matthew Boatwright
Matthew Boatwright has contacted me about this post, which he believes is baseless:


'With all due respect, I believe that your whole post is based upon baseless opinions,



It clearly states on our website that we put customers in touch with the relevant people to help them, no where does it say that we offer investment or financial advice and it states that we explain our non adviser status quite clearly,


We haven't cold called anyone about their pension or offered anyone a review over the telephone and we do not offer a review we pass the business over to a regulated body.'
 
••

Hudson Chase Global Ltd
This is another recently formed company offering a free pension review. Hudson Chase Global Ltd was founded on 12th December 2014 as Advanced Advisory Services Ltd with share capital of £1. The company name was changed on 21st February 2015 to Hudson Chase Global Ltd. The sole director is 29-year-old John George Dawson (DOB: 10.10.1985). The company trades as Hudson Chase Consultants from 60 Cannon Street, London EC4N 6NP – a serviced office address.

Although neither Hudson Chase Global Ltd nor John George Dawson are approved by the Financial Conduct Authority to give financial advice, their website suggests that they have the knowledge and experience to offer financial advice:  

From the Hudson Chase Consultants' website: 
'Hudson Chase Consultants is a company that’s not owned by any large financial institutions. This means that the only things that influence the investment decisions we make are our own knowledge and experience, and you.

This makes us as cautious with your capital as you are yourself. 

We provide clients with access to a variety of tangible assets that we feel have long-term potential to outperform paper-based assets like stocks, shares, bonds and managed funds.'

Hudson Chase Consultants offers investments in: metal investments, overseas property, oil and fine assets – diamonds, wine and fine watches. 

Remarkably for a company that has only been trading under its current name for just three months, Hudson Chase Consultants claims in its overseas property section: 

'Our network of clients ranges from seasoned investors through to people seeking to purchase overseas property for the very first time.

Part of our strategy is having independent status. This enables us to ‘cherry pick’ by selecting our projects from our chosen business partners such as developers and master agents. We are therefore not tied to any company.

Our Property consultants are highly experienced and professional, offering the very best customer service available. It is for this reason that the majority of our sales still come from referrals, something we are very proud of and which we constantly strive to maintain.'

From the wine section: 
'The question we are asked over and over again is why invest in wine? Wine as an investment vehicle is not a new story but what has changed is the nature and factors currently influencing markets and driving prices higher. However, perhaps even more important is that the timing to enter the market is NOW!
 
'Entering a market at any time has an element of risk. The key to intelligent investment is knowing when to enter and when to exit – this is the added value we can add to your investment decision.' 

See also:

Savers warned to avoid dodgy cold-callers whose 'free pension reviews' could decimate their retirement pots
Read more: http://www.thisismoney.co.uk/money/pensions/article-2634937/Savers-warned-avoid-dodgy-cold-calls-offering-free-pension-reviews.html#ixzz3arVHF4iw

'People have been advised to ignore any text messages and emails of this nature they get, and hang up when they receive a cold-call.

Tracey McDermott, of the FCA, said: 'People should be very wary if they are contacted out of the blue by someone offering a ‘free pension review’.

'Most of the companies offering this ‘service’ are not authorised by us, and we’re concerned that the reviews often end with pension pots placed in higher-risk, unregulated investments.

'If you see or receive offers of "free pension reviews", just ignore them. If you are called out of the blue to discuss your pension, just hang up. Your pension is far too important to be put in the hands of a cold-caller.'

Piece of free advice from investdrinks: I wouldn't deal with any of these companies.

12 COPLEY DENE BROMLEY BR1 2PW

Read more at: http://companycheck.co.uk/company/08018247
12 COPLEY DENE BROMLEY BR1 2PW

Read more at: http://companycheck.co.uk/company/08018
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