Boltons Investments home page: 12th September 2013
Please see update at end of this post.
The possibility is growing that Boltons Investments Ltd is the latest wine investment company to disappear. Its website is no longer accessible – only a note saying – 'Page not found'. The company phone (020-7491 9959) is no longer being answered – just a message saying 'all the team are busy' and inviting the caller to leave a message. I have left my details and asked them to let me know if they are still trading.
There are a couple of very recent threads on forums – Wine Pages and Cellar Tracker – started by worried investors unable to contact Boltons Investments Ltd.
Boltons Investments Ltd was set up in September 2006 and recently has traded from 11 Maddox Street, London W1S 2QF. It was originally called Bordeaux Connoisseurs Ltd. Its founder and sole director is 39-year-old Vincenzo Tagliavia. Back in April 2010 there was a curious company swap. A company called Boltons Investments Ltd, set up on 14th November 2009, changed name to Bordeaux Connoisseurs Ltd, while at the same time Bordeaux Connoisseurs Ltd became Boltons Investments Ltd. The renamed Bordeaux Connoisseurs Ltd was dissolved on 28th June 2011. Rather than a double swap it would presumably been easier just to change the company name.
On Google it is claimed that: Boltons Investments™ is the leading, low cost fine wine broker specialising in En Primeur, cellar acquisitions, valuations and sales. We are also focussing ...'
From information on Duedil, Boltons Investment's financial health looks uncertain. The company has £59.2K in the bank; its current liabilities are 313.1K with assets of £202K, and a book value of - £273.1K.
13th September: Update
Vincenzo Tagliavia's Boltons Investments Ltd has gone into liquidation. A letter to creditors was sent out by Wilkins Kennedy, 92 London Street, Reading RG1 4SJ (Tel: 0118-951 2131) on 9th September the day they were appointed. The creditors' meeting will be held on Thursday 26th September at Wilkins Kennedy's Central London offices: Bridge House, London SE1 9QR at 11.15. The financial position should then be clearer.
Boltons Investments Ltd has three accounts at London City Bond. There are two trading accounts – one at Tilbury and one at Vinotheque, Burton-on-Trent – and another with clients sub accounts. At present it is not known whether it will be possible to identify clients' wine in the trade accounts nor whether all the wine ordered was bought.
Boltons Investments Ltd was set up in September 2006 and recently has traded from 11 Maddox Street, London W1S 2QF. It was originally called Bordeaux Connoisseurs Ltd. Its founder and sole director is 39-year-old Vincenzo Tagliavia. Back in April 2010 there was a curious company swap. A company called Boltons Investments Ltd, set up on 14th November 2009, changed name to Bordeaux Connoisseurs Ltd, while at the same time Bordeaux Connoisseurs Ltd became Boltons Investments Ltd. The renamed Bordeaux Connoisseurs Ltd was dissolved on 28th June 2011. Rather than a double swap it would presumably been easier just to change the company name.
On Google it is claimed that: Boltons Investments™ is the leading, low cost fine wine broker specialising in En Primeur, cellar acquisitions, valuations and sales. We are also focussing ...'
From information on Duedil, Boltons Investment's financial health looks uncertain. The company has £59.2K in the bank; its current liabilities are 313.1K with assets of £202K, and a book value of - £273.1K.
I trust that Vincenzo Tagliavia's
Boltons Investments Ltd have bought all the wine that its clients ordered and
that his clients will find it easy to take possession of their wine.
I invite Vincenzo Tagliavia to contact
me to clarify the situation, especially as he has contacted me on several
occasions in the past to assure me that his company is properly run.
13th September: Update
Vincenzo Tagliavia's Boltons Investments Ltd has gone into liquidation. A letter to creditors was sent out by Wilkins Kennedy, 92 London Street, Reading RG1 4SJ (Tel: 0118-951 2131) on 9th September the day they were appointed. The creditors' meeting will be held on Thursday 26th September at Wilkins Kennedy's Central London offices: Bridge House, London SE1 9QR at 11.15. The financial position should then be clearer.
Boltons Investments Ltd has three accounts at London City Bond. There are two trading accounts – one at Tilbury and one at Vinotheque, Burton-on-Trent – and another with clients sub accounts. At present it is not known whether it will be possible to identify clients' wine in the trade accounts nor whether all the wine ordered was bought.
You are like an old woman! companies go under with the amount of money involved.... it os not scam orientated and times are tough
ReplyDeleteI think you do you have much of a life Jim as you are too busy being nosy on every one else
companies do sometimes fail honestly
Anon. Thank you but you will really have to do better than this.
DeleteFirstly there is nothing wrong with old women.
Secondly I hope you are right that Boltons Investments Ltd has failed honestly. However, the comment below suggests that not all the wine investors ordered and paid for was bought. I will be delighted if all of Vincenzo Tagliavia's customers receive their wine.
Of course companies fail honestly. However, as far as I know none of the investors have been told that Boltons Investments Ltd has closed and that they have left the office at 11 Maddox Street. Remember also that the website has disappeared. To date the omens do not look good.
This comment has been removed by a blog administrator.
DeleteI am a retired investor who bought a case of wine with Boltons Investments back in 2010. For 2 years I have been chasing Mr Tagliavia for this wine as I found out it has never been bought. Does anyone know anything more about this as I'm quite concerned? The number seems to have been cut off.
ReplyDeleteAnon – 'I find this story deeply depressing, because I saw it coming years ago..'
ReplyDeleteMany thanks for your comment. Could you email me on budmac@btinternet.com please?
We are also clients of boltons. Vin-x has been in touch asking if the can represent us in persuance of recovery. We have given them all details of wine purchased but that was 3 weeks ago and have not heard from them since. Can u offer any help with regard to this whole sorry story.
DeleteDid Vin-X explain how they could help recover your wines?
DeleteI did invest with Boltons in 2009 myself and all my wine was purchased and I sold it back two years later. I have never experience any problems with Mr tagliavia ,I belive the company failed honestly.
ReplyDeleteSo you bought the wine, they delivered it into your own account and then you sold it back to them, delivered it back to them and they paid you more than you paid them in two years, during the time wine prices have consistently fallen?
DeletePerhaps they bought 1 case of the wine you bought, showed 10 other people the same case and when you asked to sell, they simply gave you someone else's money. I am pretty sure your wine deal was all on paper. You should send the whole transaction for the old woman to review.
Wine Merchant: Anon diod not actually claim that they had made a profit but it is a fair assumption that they did. It would be good if they posted the details of the investment.
DeleteAnon. I hope you are right but we will have to wait and see whether the wines ordered are in storage.
ReplyDeleteI have made a point of not buying anything from Boltons since a nightmare experience with Vincenzo Tagliavia's previous company - Bordeaux Connoisseurs - where I had to call in lawyers..
ReplyDeleteVincenzo made me an offer for a parcel of wines I was selling. I accepted and transferred the wines to him. He then spent the next two months making endless excuses and eventually lying to me about why I hadn't been paid.. On three separate occasions towards the end of this ordeal, he promised me 100% that the money had been sent to my bank account only to offer increasingly unbelievable excuses for why it never seemed to arrive.. Finally, he was forced to admit that he had been lying all along, and started sending me invoices that he had sent to hedge fund clients who hadn't paid him yet. The implication was, when he got paid he would pay me... At this point, after literally dozens of phone calls and emails, I couldn't stand talking to the guy anymore and didn't believe a word he said, so I told him that he if he didn't send all the wines back to me I would sue him..
He tried to stall a bit more then eventually told me he had sold half of them..!! So I got him to send the rest back to me and replace the others with other wines of a similar value... I was at the point where I would take almost anything to get clear of him before he went bust and I lost it all... Shortly after that he shut down Bordeaux Connoisseurs and set up Boltons Investments - presumably to make a fresh start after burning all his clients..
The whole experience was very disturbing and has made me much more careful ever since in my dealings with merchants..
I would certainly not do any business with Vincenzo Tagliavia. I found him to be dishonest and extremely unprofessional.
Well the last comment pretty much says it all. Failed honestly my backside!
ReplyDeleteIt is clear that there has to be some sort of regulation of this industry. Starting with the rule that a company cannot sell a wine, that it does not own or at least has an option on it. Secondly, when the wine is paid for by the customer, it is placed in a private client account. Thirdly, that if the company goes into liquidation the private client account cannot be touched by the liquidators.
CTB Dids
ReplyDeleteThanks sensible points, although the best assurance is to set up your own private account at a bonded warehouse then you have full control over your wine. I assume by private client account you are referring to a client account under the umbrella of the company's account. Here as you know the client does not have full control over their wine.
Thanks for your web site Jim, keep going, you are providing valuable information. I did contact Bolton's myself and dealt with a very pleasant and non-pushy guy. I bought 3 cases of wine but made sure that the wine was transferred to my own LCB (Vinotech) account. So it is there and no-one else can touch it (I hope!). Anyone buying wine make sure you have your own account independent of the merchant / broker. My experience is that they were genuine people.
ReplyDeleteMany thanks Nathan. Very good advice to have your own private account. The position should be clearer at the creditors' meeting on 26th September. The last accounts to March 2012 suggested that the company had serious financial problems.
ReplyDeleteHi Jim. At the beginning of 2012 my first experience of Boltans Vince offered me £7500 for a 6x750ml owc DRC Richebourg 98. Noticing this was in-fact nearly double the valuation and having I repeatedly noted in e-mail communication that it was a case of 6 not a 12 I gladly accepted his offer. Vince did finally notice a good two weeks later. Pity!
ReplyDeleteA rather hapless operator in my opinion though my experience of his colleges is most positive.
Many thanks anon. Certainly the 2012 accounts suggested serious problems.
DeleteThis comment has been removed by a blog administrator.
ReplyDeleteI have heard much about Bordeaux Fines Wines can you tell me if they too are about to go under. They have changed from investment to merchants and website looks very unprofessional. I have had the misfortune of buying from them and hold a considerable portfolio fortunately in my own account. They have overcharged me for wines and when I got the portfolio valued by another company they said it would take 15 years to make any profit from the wines. Help a very worried investor. They never return my calls or respond to emails.
ReplyDeleteJim,
ReplyDeleteI find it extremely distasteful that Adrian Lenagan from Provenance fine wines turned up at the Wilkins Kennedy's meeting to lecture all present on the Wine Investment Association, and tout for business from extremely bruised and vulnerable investors. Shame on him, shame on Provenance Fine Wines and shame on the Wine Investment Association!
Thanks anon. Are you sure it was Adrian Lenagan please? Was there anyone else from the WIA at the meeting? has everyone received their wine? Thanks Jim
Deletehere here, I think this shows exactly what the WIA is about... shameless self-promotion
DeleteJim I left a comment and it hasn't been approved yet
ReplyDeleteSteven. Thanks for your comment. I need further details before I post your comment about this other company (not related to Boltons), especially the allegedly large tax bill. Many thanks.
DeleteWhy have you not posted my comments
ReplyDeleteAnon. Sorry I'm not sure which comments you are referring to as I have received a number of anonymous comments. Also I have been away in the Pays Nantais and Anjou and have had problems in getting an internet connection. Am now working my way through a backlog of emails.
DeleteHi Jim, I think you need to have a look at this bunch - particularly their prices - are you aware of them?
ReplyDeletehttp://www.bordeauxinvestmentwines.co.uk/
Yes. Positive. Adrian Lenagan from Provenance Fine Wines was there. No-one else was there from a wine company except a bloke from Cult Wines but he wasn't lecturing anyone. I don't know exactly what he was doing there. It isn't clear if everyone has their wine. The meeting was basically pointless.
ReplyDeleteThanks anon. Wasn't Peter Shakeshaft of Vin-X present?
DeleteNo.
ReplyDeleteComment about another company apparently facing a large tax bill. Could you send me further details please? Many thanks. Jim
ReplyDeleteJim,
ReplyDeleteThis is the letter all Boltons Investments clients are receiving from Vin-X. It is cut and pasted directly to your blog. These poor investors. Talk about out of the frying pan into the fire. (I an sending the letter in 2 parts - it is too many characters for your blog to accept all in one go.)
Letter Starts:
Re: Notification of Liquidation and required action -Boltons Investments Limited
I am writing to you under the instruction of Total Asset Recovery Limited with respect to your arrangements with Boltons Investments Limited ('Boltons'). Boltons was put into liquidation on the 26th September 2013 and Vin-X Limited ('Vin-X') has been asked to undertake a specialist service to you as a previous client of Boltons. As a wine investment specialist, Vin-X is assisting the appointed liquidator, Wilkins Kennedy LLP and its agent, Total Asset Recovery Limited to verify and ensure that the wines you may have bought from Boltons are in good title.
A representative from the Vin-X team will contact you by telephone over the course of the coming weeks to introduce ourselves and to ensure that you have a point of contact should you require any further information or assistance with the liquidator's requirements.
To complete the verification of ownership process we respectfully request that you provide copies of the following documents at your earliest convenience and no later than 1st December 2013 as evidence of your holdings:
1. The invoice received from Boltons for each wine purchased
2. A bank statement confirming payment in relation to each invoice
3. A proof of sale for each of your wine(s) sold by Boltons if applicable
4. A bank statement confirming payment has been made by Boltons for each relevant sale as appropriate
5. Notification of any wine(s) purchased from any other provider and transferred to Boltons for storage
6. Notification of any en primeur wine(s) purchased from Boltons and awaiting delivery.
Please find enclosed a form for your completion to assist you with the information gathering process and we also request that you sign the enclosed declaration confirming that all the information provided is true and correct. Please then return all of the documents in the stamped, addressed envelope provided for your convenience.
This action, which has been agreed with Total Asset Recovery Limited, should enable the verification of your wine holdings with Boltons. If this does not remedy your personal situation you will be contacted by Total Asset Recovery Limited or Vin-X as soon as possible.
We hope that the process will be completed expediently, and this is reliant on the prompt response of all Boltons clients, but certainly we would expect all creditors of wine to have provided the required information to evidence holdings and create their claim by the cut off date of the 1st December 2013.
Jim,
ReplyDeleteThe rest of the letter reads,
For your information Vin-X is a member of the Wine Investment Association ('WIA') which works to protect investors in fine wine. Member companies must pass an initial audit to verify appropriate and robust systems and controls in order to join the association initially and then must comply with WIA's code of practice on an on-going basis.
In accordance with the requirements of WIA Vin-X managed wine stocks and systems are annually audited by top 10 accountancy firm Mazars Limited.
I am also a member of the executive board of the WIA. I believe that fine wine represents an excellent investment provided your fine wine investment partner operates good client focussed systems and controls and accuracy of information. We at Vin-X believe that we set the standard in that regard.
Finally, I would like to assure you that we intend to assist you and the Boltons liquidation team to resolve this matter as satisfactorily and quickly as possible.
I hope you do not mind me also taking this opportunity to introduce you to Vin-X and whilst you will be contacted by a senior member of the Vin-X team, I am also available to discuss this matter further.
I invite you to visit our website www.vin-x.co.uk for further information on Vin-X and the service we offer. If you have not yet spoken to a member of our team can you please contact the customer service helpline on 0203 384 2260. I can assure you that my team will do all it is able to allay any concerns you may have.
Yours sincerely For and on behalf of Vin-X Limited
Peter Shakeshaft
Chief Executive Officer
For the anon asking about Bordeaux Fine Wines, I've got it on very good authority that they're under police investigation (finally) and that it's almost inevitable they'll be unable to continue trading. Any questions on them should be easily answered in full by the previous posts by Jim and comments on this blog.
ReplyDeleteBack to Boltons, Wilkins Kennedy have now 'sold' all Boltons info etc to Vin-X, so the clients of Boltons can - I'm sure - expect phone calls from them soon. WIA to the rescue!
Hi Jim,
ReplyDeletedo you know anything about this company?
http://www.bordeauxinvestmentwines.co.uk/pages/contact.html
their website is rather cheap looking and generic, based in purley. might be one to place on the warning radar
Edited comment from anon:
ReplyDelete'Re Vin-X taking over the Boltons Investments clients - that is frankly disgraceful. How have the liquidators allowed this to happen? Just look at the end of that letter - already Vin-X and Shakeshaft are priming these investors for more hard sales tactics under the guise of taking care of them. Shakeshaft only wants one thing from these investors - to sell them more wine.
He talks about the WIA in this letter: This tinpot "organisation" still only has four registered members - the four companies who set it up - and still, almost a year on, only two of them have passed the "audit". Why do Albany Portfolio Management (now "Amphora Portfolio Management" still have "pending" alongside their names?'
Anon. I understand that Culver Street had their audit recently.
DeleteDIRECTOR TOTAL ASSET RECOVERY
ReplyDeleteName: ROBERT GEORGE HOWARD MUNN
Nationality: BRITISH
Latest Address: BICESTER INNOVATION CENTRE TELFORD ROAD
BICESTER
OXFORDSHIRE
Postcode: OX26 4LD
Country/State of Residence: UNITED KINGDOM
Click HERE for details of other addresses registered at Companies House for this person.
Date of Birth: 16/11/1968
Company Appointments: Current: 2 / Resigned: 0 / Dissolved : 1
To view company details, click on the appropriate company number.
Click HERE to exclude Resigned and Dissolved appointments
DIRECTOR Appointed: 15/12/2009
Occupation: CHARTERED SURVEYOR
Company Number: 07071289
Company Name: TOTAL ASSET RECOVERY LIMITED
Active
DIRECTOR Appointed: 01/06/2011
Occupation: CHARTERED SURVEYOR
Company Number: 06903492
Company Name: KABAYAN FINANCE LIMITED
Active
DIRECTOR Appointed: 01/06/2005
Dissolved: 19/02/2010
Occupation: COLLECTIONS MANAGER
Company Number: 03335570
Company Name: HITACHI CAPITAL CREDIT MANAGEMENT LTD
Dissolved
OTHER DIRCETOR
ReplyDeleteame: DUDLEY CYRIL LEVER
Nationality: BRITISH
Latest Address: BICESTER INNOVATION CENTRE TELFORD ROAD
BICESTER
OXFORDSHIRE
Postcode: OX26 4LD
Country/State of Residence: UNITED KINGDOM
Click HERE for details of other addresses registered at Companies House for this person.
Date of Birth: 31/05/1956
Company Appointments: Current: 3 / Resigned: 0 / Dissolved : 0
To view company details, click on the appropriate company number.
Click HERE to exclude Resigned and Dissolved appointments
DIRECTOR Appointed: 01/09/2001
Occupation: BANKER
Company Number: 04200398
Company Name: TOTAL ASSET SOLUTIONS LIMITED
Active
DIRECTOR Appointed: 10/11/2009
Occupation: DIRECTOR
Company Number: 07071289
Company Name: TOTAL ASSET RECOVERY LIMITED
Active
DIRECTOR Appointed: 01/06/2011
Occupation: COMPANY DIRECTOR
Company Number: 06903492
Company Name: KABAYAN FINANCE LIMITED
Active
ame & Registered Office: Company No.: 07071289
ReplyDeleteTOTAL ASSET RECOVERY LIMITED
28 LYMINGTON BOTTOM ROAD
MEDSTEAD
ALTON
HAMPSHIRE
UNITED KINGDOM
GU34 5EW
Date of Incorporation: 10/11/2009
Country of Origin: United Kingdom
Status: Active
Company Type: Private Limited Company
Nature Of Business (SIC):
82911 - Activities of collection agencies
Accounting Reference Date: 31/03
Last Accounts Made Up To: 31/03/2012 (TOTAL EXEMPTION SMALL)
Next Accounts Due: 31/12/2013
Last Return Made Up To: 10/11/2012
Next Return Due: 08/12/2013
Mortgage: Number of Charges: ( 0 outstanding / 0 satisfied / 0 part satisfied )
Last members list: 10/11/2012
Dear Jim
ReplyDeletehttp://www.indeed.co.uk/Wine-Broker-jobs-in-Canary-Wharf
have a look you will enjoy
Expected to make '200-300 outbound calls to potential investors per day' – looks like incessant cold calling.
DeleteAnon who inquired about Atlas Fine Wines Ltd. Their website http://www.atlasfinewines.com is informative with details of who is involved in the company and their roles along with photos. Quite unlike many dubious companies who give no details.
ReplyDeleteAtlas is a limited company and its details can be found on the Companies House website.
Anon's query (11.07) – no complaints received about company you mention.
ReplyDeleteNo they are very legitimate
ReplyDeletehttp://www.dailymail.co.uk/money/experts/article-2477413/TONY-HETHERINGTON-This-shale-company-just-fraud.html
ReplyDeleteplease read also talks about the scammers running a new wine investment con
Many thanks anon.
ReplyDeleteRonald – you may be correct but I can't post your comment as it stands.
ReplyDeleteI have come across this site by chance when searching for Bolton's. My dealings with them were poor and costly. What I find unclear is how Vin-X became involved. I was asked to send details of my investments to Vin-X as they purported to be acting in an official capacity. I then received a perfunctory letter from Wilkins Kennedy stating that I had not notified them of my claim etc. Communication from Wilkins Kennedy has been poor. I am left feeling that the whole wine investment sector in the UK is unregulated and that this serves only to invite dishonest business practice. It appears that wines I purchased en primeur via Boltons were not in fact purchased.
ReplyDeleteAnon. I'm afraid that wine investment, with the exception of wine funds, is unregulated. Although there are some honest companies involved in wine investment, there are also a large number of sharks and fraudsters often linked to carbon credits, graphene, diamonds and land banking scams.
ReplyDeleteI have finally received a few quid from Vin-X. It's all over now except for a few odds and ends and I join the exclusive club of people who have been ripped off by Boltons. I have lost several thousand pounds.
ReplyDeleteIf anybody knows Tagliavia's current whereabouts please let me know. I need to chat with him.