Premises of European Fine Wines Ltd in Bromley
At the creditors' meeting on 25th June 2014 held in Bexleyheath,
South London, Abbott Fielding Ltd were appointed liquidators for European Fine
Wines Ltd, a wine investment company based in Bromley and founded in 2005.
Debts originally thought to be between £500,000 to £1
million have now climbed to £2
million. In their nine years of operation EFW turned over £80 million in wine.
Nedim Ailyan, the Insolvency Practitioner at Abbott Fielding Ltd,
said: "We were told the debts were less than one million.
However, once we were able to look at the books, we saw that the debt was
actually £3 million against
assets of £1 million -
mainly wine.'
According to Ailyan a
major factor in the company's collapse was their decision to set up an office
in Hong Kong. "They sank £1
million into this gamble. Unlikely companies like Farr Vintners, who have
successfully set up branches in Hong Kong, EFW did not have the specialist
staff or the contacts necessary to succeed."
Abbott Fielding will be investigating how far the Hong Kong
adventure was funded by investors' funds intended to buy wine.
"It is all right to gamble but not with other people's
money," added Aiylan.
It is still unclear how much wine was not bought as I am getting reports from investors that some of their wines are missing.
••
Encarta Fine Wines Ltd: also ceased trading?
Encarta website no longer found
Yet another 'wine investment' company may have ceased trading as the Encarta Fine Wines's website has disappeared.
Update: 7.7.2014 The Encarta website is now back up, although a phone call gets a recorded message.
'Encarta Investment Group was founded in 2006..
down to earth, friendly and helpful fine wine investment company'
Yet another 'wine investment' company may have ceased trading as the Encarta Fine Wines's website has disappeared.
Update: 7.7.2014 The Encarta website is now back up, although a phone call gets a recorded message.
Jim
ReplyDeleteI'm a HK based wine merchant (though currently on vacation with my family in Singapore).
I received a call this morning from HK telling me that a British wine investment company was on the verge of collapsing and if I was interested in buying 200 HK/China based clients.
Initially I thought it was a scam however the caller was very convincing and more than happy to meet me upon my return to HK. He was convinced that this company was close to shutting down and that these Asian based clients would need housing.
My question is is it true? Are Premier Cru Fine Wine Investments really closing or am I being taken for a fool?
Jim please advise. They seem to have been around for years which leaves me sceptical as to whether their closing is just a rumour
Hong Kong wine merchant I have checked and am told that the information your caller gave is incorrect.
ReplyDeleteEncarta's phone number is, "no longer available".
ReplyDeleteMatt Hart & Dean Doughty of Encarta Fine Wines and John Mark Bevan & JR Barr of European Fine Wines - have they all gone fishing for carp in Northern France?
DeleteIci? http://www.etangdeberniere.com/
DeleteNot another 'crap' investment j'espere!
DeleteAnon. Thank you.
ReplyDeleteSuggsy
ReplyDeleteAny news on John Mark Bevan, alias David Evans of European Fine Wines Ltd and the Property Partnership, Bromley? I tried his solicitors Dale R Walker, but the Law Society has shut them down.
I've just received a call from European Fine Wines ex financial director??? They are back in business and trying to sell me insurance to protect me from the company brought in as liquidators from only giving me 5p for every £1 invested. I actually own the wine and have it stored, is this true or a scam - help feeling very confused as thought I was one of the lucky ones?
ReplyDeleteAnon. There would appear to be a whole lot of scams at present around EFW. If you own the wine and it is stored in your account then you have nothing to worry about. I would just ignore these photo calls
ReplyDelete