Thomas Roger White Montevino Partners
Montevino Mark 2
Montevino Mark 2
'We try to do things a little different here at Montevino.' Thomas White
Thomas White: details of two of his five companies –
Spirited Ventures Ltd and Montevino Partners Ltd
– both trading as Montevino Partners
Debts incurred by Spirited Ventures Ltd: £691,326.93
including £155,694.15 to HMRC
£233,177.16 – trade & expense creditors
inc £210,601.92 to Clarendon Hills.
Thomas White director's loan – £208,869
Statement of affairs signed by White
Stock of wine – 'uncertain' !!
Although it is always a great joy to see a phoenix rise from the ashes of a bust company (Montevino Mark 1), I have to report that this particular phoenix (Montevino Partners mark 2) has now caught fire and is headed for a crash landing and apparently liquidation. To date the deficit is not known. However, it is evident that a number of clients have not yet received wine for which they paid in full. In some cases losses may run into six figures.
Not to be discouraged Thomas Roger White, the sole director of Montevino Partners Ltd, is now touting a third version – the MVP Wine Club, which will be another limited company. The plan is to run wine events which will be so profitable that clients' losses incurred by investing in wine through Montevino Partners will be rapidly repaid – perhaps within two years.
On 2nd May 2016 I posted – The Mysteries of Montevino Partners– on investdrinks covering the company's history to date and the then forthcoming fraud trial of Michael Moore. Although not a director Moore was a significant presence at Montevino as their senior wine advisor.
Michael Moore – an update
Following a trial at Maidstone Crown Court, Michael Moore was found guilty of fraud on 8th December 2016. The verdict was unanimous. The fraud charges related to previous companies that Moore had been involved in. There were no charges involving Montevino Partners.
On 19th January 2017 Moore was sentenced to seven years imprisonment.
Interestingly Thomas White claimed in an email sent on 7th February 2017 to Action Fraud, following complaints from clients of Montevino Partners who have not received their wine, that he hadn't been aware until recently of the seriousness of the charges against Michael Moore! Their seriousness had recently 'popped up'....
I can only assume that White had not read the Kent-on-Line report on the pending case (16.4.2015). 'Due to the severity of alleged offences the case was transferred to the town's crown court where both men will appear on May 1. No pleas were entered.'
By early May White was certainly well aware that Moore was facing fraud charges as he responded to my post (2.5.2016) on Montevino Partners.
Mr White appears to have an interesting take on the seriousness of a fraud charge.
The continuing history of Montevino Partners:
This should be read in conjunction with my earlier post on The Mysteries of Montevino Partners.
Spirited Ventures Ltd (incorporated: 19.7.2013) goes bust – then wound up in High Court
On 26th July 2016 Spirited Ventures Ltd, trading as Montevino Partners, went into liquidation. Ninos Koumettou of Alexander Lawson Jacobs, Winchmore Hill, London N21 3NA was appointed liquidator. In the statement of affairs Thomas White, as the sole director in place, listed the company's assets and debts as:
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The main creditors were listed as Trade & Expense owed £233,177.16 and £155,694 to HMRC (UK tax authorities) plus a director's loan of £208,869 from White. Australian wine producer Clarendon Hills in for £210,601 was the largest trade creditor. Very curiously Thomas White did not list any private clients as being owed wine in the statement of affairs, which he drew up and signed.
This is particularly curious as stocks of wine are listed as 'uncertain'. Furthermore a number of clients were owed substantial amounts of wine.
These included MP, a private client who had bought nearly £45,000 of wine which had not been delivered to the bonded warehouse, despite sending solicitor's letters to the company demanding delivery.Client AC was another. They had invested just over £100,000– their entire life savings.There were also other private clients who had not received their wine.
Because Thomas White did not list any private clients, those private clients, who were owed wine, were not informed of the creditors' meeting... There were only three creditors at the 26th July meeting– one of them being White due to his director's loan.
Why did White not list these clients as creditors of Spirited Ventures? It surely can't have slipped his mind!One has to suspect that either White knowingly made a false statement of affairs (26.7.2016) or he failed to ascertain the true number of creditors and the true level of debt before signing and submitting the statement of affairs.
It may well be that Thomas White, although the sole director after 28th May 2014, played a minor role in the first version of Montevino Partners.
I trust that the liquidator, Ninos Koumettou of Alexander Lawson Jacobs, once apprised that there were other creditors not listed on the statement of affairs, has demanded a full explanation from Thomas White.
At the meeting held on 26th July 2016 at the offices of Alexander Lawson Jacobs'creditors were told that a company, Montevino Partners Ltd, a company also controlled by the director Mr Thomas White had expressed an interest in the miscellaneous equipment, website and goodwill of the company'.
Compulsory wind-up
Understandably HMRC were unhappy at being owed £155,000 and successfully petitioned in London's High Court to have the company wound up. The petition (presented 30.6.16) wasn't contested and the order to wind up was made on 15th August 2016.
The rise and fall of the phoenix – Montevino Partners Ltd
Montevino Partners Ltd was incorporated on 17th April 2014. The accounts to 30th April 2015 were for a dormant company with the first active accounts made up to 30th April 2016 when the company made a small loss of £6360.
What I wonder was the purpose of setting up Montevino Partners Ltd as a dormant company in April 2014.
Montevino Partners Ltd seamlessly became Montevino Partners. The website, which was registered on 9th January 2014, remained largely the same. There was certainly no indication that the original company had gone into liquidation with debts well in excess of £800,000.
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Extracts from the 'resurrection':
Not to be discouraged Thomas Roger White, the sole director of Montevino Partners Ltd, is now touting a third version – the MVP Wine Club, which will be another limited company. The plan is to run wine events which will be so profitable that clients' losses incurred by investing in wine through Montevino Partners will be rapidly repaid – perhaps within two years.
On 2nd May 2016 I posted – The Mysteries of Montevino Partners– on investdrinks covering the company's history to date and the then forthcoming fraud trial of Michael Moore. Although not a director Moore was a significant presence at Montevino as their senior wine advisor.
Michael Moore – an update
Following a trial at Maidstone Crown Court, Michael Moore was found guilty of fraud on 8th December 2016. The verdict was unanimous. The fraud charges related to previous companies that Moore had been involved in. There were no charges involving Montevino Partners.
On 19th January 2017 Moore was sentenced to seven years imprisonment.
Interestingly Thomas White claimed in an email sent on 7th February 2017 to Action Fraud, following complaints from clients of Montevino Partners who have not received their wine, that he hadn't been aware until recently of the seriousness of the charges against Michael Moore! Their seriousness had recently 'popped up'....
I can only assume that White had not read the Kent-on-Line report on the pending case (16.4.2015). 'Due to the severity of alleged offences the case was transferred to the town's crown court where both men will appear on May 1. No pleas were entered.'
By early May White was certainly well aware that Moore was facing fraud charges as he responded to my post (2.5.2016) on Montevino Partners.
Mr White appears to have an interesting take on the seriousness of a fraud charge.
The continuing history of Montevino Partners:
This should be read in conjunction with my earlier post on The Mysteries of Montevino Partners.
Spirited Ventures Ltd (incorporated: 19.7.2013) goes bust – then wound up in High Court
On 26th July 2016 Spirited Ventures Ltd, trading as Montevino Partners, went into liquidation. Ninos Koumettou of Alexander Lawson Jacobs, Winchmore Hill, London N21 3NA was appointed liquidator. In the statement of affairs Thomas White, as the sole director in place, listed the company's assets and debts as:
Assets: £200 – stock of wine: 'uncertain'!
Spirited Ventures'deficiency:£691,326.93
This is particularly curious as stocks of wine are listed as 'uncertain'. Furthermore a number of clients were owed substantial amounts of wine.
These included MP, a private client who had bought nearly £45,000 of wine which had not been delivered to the bonded warehouse, despite sending solicitor's letters to the company demanding delivery.Client AC was another. They had invested just over £100,000– their entire life savings.There were also other private clients who had not received their wine.
Because Thomas White did not list any private clients, those private clients, who were owed wine, were not informed of the creditors' meeting... There were only three creditors at the 26th July meeting– one of them being White due to his director's loan.
Why did White not list these clients as creditors of Spirited Ventures? It surely can't have slipped his mind!One has to suspect that either White knowingly made a false statement of affairs (26.7.2016) or he failed to ascertain the true number of creditors and the true level of debt before signing and submitting the statement of affairs.
It may well be that Thomas White, although the sole director after 28th May 2014, played a minor role in the first version of Montevino Partners.
I trust that the liquidator, Ninos Koumettou of Alexander Lawson Jacobs, once apprised that there were other creditors not listed on the statement of affairs, has demanded a full explanation from Thomas White.
At the meeting held on 26th July 2016 at the offices of Alexander Lawson Jacobs'creditors were told that a company, Montevino Partners Ltd, a company also controlled by the director Mr Thomas White had expressed an interest in the miscellaneous equipment, website and goodwill of the company'.
Compulsory wind-up
Understandably HMRC were unhappy at being owed £155,000 and successfully petitioned in London's High Court to have the company wound up. The petition (presented 30.6.16) wasn't contested and the order to wind up was made on 15th August 2016.
The rise and fall of the phoenix – Montevino Partners Ltd
Montevino Partners Ltd was incorporated on 17th April 2014. The accounts to 30th April 2015 were for a dormant company with the first active accounts made up to 30th April 2016 when the company made a small loss of £6360.
What I wonder was the purpose of setting up Montevino Partners Ltd as a dormant company in April 2014.
Montevino Partners Ltd seamlessly became Montevino Partners. The website, which was registered on 9th January 2014, remained largely the same. There was certainly no indication that the original company had gone into liquidation with debts well in excess of £800,000.
Website promoted their 'expertise': 'Wine Investment Specialist',
'have the platform and the guidance', 'improve our service'.
Unfortunately it appears that the first phoenix version of Montevino Partners will be short lived with Montevino Partners Ltd seeming set to be liquidation with an unknown level of debt.
The MVP Wine Club – flying pig territory....
However, not to be downhearted Thomas White is now preparing a third version of Montevino Partners to be called The MVP Wine Club, although the final name is 'open to discussion'. White has presented his 'Business Plan for the resurrection of the fine wine platform' to the private creditors of Montevino Partners Ltd inviting them to invest in the new venture as a way of getting their money back.
The MVP Wine Club – flying pig territory....
However, not to be downhearted Thomas White is now preparing a third version of Montevino Partners to be called The MVP Wine Club, although the final name is 'open to discussion'. White has presented his 'Business Plan for the resurrection of the fine wine platform' to the private creditors of Montevino Partners Ltd inviting them to invest in the new venture as a way of getting their money back.
Extracts from the 'resurrection':
'1.0 Executive Summary
To set up a wine club that has the ability to trade retail, event delivery, wholesale imports and advice.
To set up a wine club that has the ability to trade retail, event delivery, wholesale imports and advice.
The company structure will have a focus on customer service and an ethos of compliance and mitgation of risks.
To provide solutions to all things wine related to its members and give them a viable credible service to rely on.
MVP Wine Club will be a wine merchant that has a retail online shop which is promoted and listed within Winesearcher. It will promote and sell pre selected fine wine imports at invitation events. It will provide a platform to sell wines to the open market through all channels. It will also deliver bespoke solutions to wine related requests.
MVP Wine Club will operate in the UK offering services to it's (sic) domestic and international clients.
MVP Wine Club will start with assets consisting of four iMac machines.
There is an existing client base who have a collective portfolio of £1.5M worth of fine wine which a commission fee can be obtained upon sale.
•••
3.0 Services
MVP Wine Club will offer retail sales, event provision and wholesale investments in fine wine.
We will offer bi-monthly MVP led events delivering wine tasting and showcasing of pre selected investment grade wine. This will be supported by the vinyards (sic) via samples and the presence of a representative.
There will be an annual membership fee of £250 which gives the member access to discounts on purchases. There will be monthly offers and a subsidy on wine tourism. We will provide a gift at Christmas and offer invititations to MVP led events and luxury brand 3rd party events.
Online retail sales will be attached to Winesearcher so we will be listed as a seller if a product we have is googled by a client. The full portfolio is also distributed to the wine merchant network for review and any interests are followed up. There will be a dedicated wine expert with the remit to build networks and repeat business with the on-trade.
MVP Wine Club will target HNW individuals for a sofisticated (sic) investment or consumer buying of wholesale fine wine.
The retail offer will include a range of entry level wines that we can source directly from the winery. We will target consumers using online marketing with minimum orders applying to make distribution costs viable.
We will develop our existing contacts within the festival market, primarily targeting VIP wine tents. This revenue stream and brand promotion has the ability to be lucrative.
We will become a member of the Luxury Network Group and collaborate with other brands to deliver their promotion events or hold our events at their venues, providing brand awareness and access to luxury brand consumers.
The uplift in the price of wine within 2016 gives the market a buoyant start to 2017. The price shift of the more traditional Bordeaux houses has been brought back into line after inflated prices over recent years. The expectation of the release of the 2015 vintage will be more favourable and MVP Wine Club would be wise to balance the underlying portfolio of fine wines to include these wines within our offer.'
Financial projections for MVP Wine Club:
Amazingly White has projected sales of £1.7 million in 2017 (or Year 1)*, £1.96 million in 2018 (Year 2) and £2.05 in 2019 (Year 3).
* Appendix 1 gives figures from February 2017.
White's remuneration for producing this remarkable success story will be £84,500 in 2017, £535,00 in 2018 and £36,000 in 2019 – totaling £174,000 over the three years.
This is surely flying pig territory. There is nothing in Thomas White's history as a director to show that he is capable of running a successful company and with five company directorships he has had some practice....:
Spirited Ventures Ltd: bust and then wound up in London's High Court
Wine Genie Ltd: Dormant company – first accounts overdue since 9th January 2017
8 Wine Club Ltd: no accounts filed – compulsory strike off.
Influx Global Ltd: dissolved no accounts or annual returns filed.
Influx Global Ltd: dissolved no accounts or annual returns filed.
Montevino Partners Ltd: looks to be headed for liquidation.
I fear any of Montevino Partners clients, who do invest in White's new venture will only be throwing good money after bad.
Instead the troubled history of Montevino Partners should be fully investigated by Action Fraud and the Insolvency Service.