Pass the portfolio:
More bad news for the now hard pressed wine investment sector – Premier Cru Fine Wine Investments Ltd, 'Europe's Leading Fine Wine Investment House' and perhaps the longest established wine investment company (since 1995), is winding down its business and transferring its clients to Cult Wines Ltd. (See letter from Premier Cru: 31st July 2014 below).
Alternatively consider companies that offer storage/portfolio management. These include Private Reserves (www.privatereservesltd.com/ - contact Laura Goedhuis or have a look at Nexus Wine established by Mark Bevan @ http://www.nexuswine.co.uk, or you could also consider Arc Reserves.
Premier Cru Fine Wine Ltd: headline finances (accounts to Feb 2013)
(Most recent accounts slightly overdue)
Net worth - 101K current liabilities 197.5K
We have therefore undertaken a review of our market competitors and have concluded that Cult Wines, who are currently the UKs leading fine wine investment company as the best positioned to assume management of your portfolio and on this basis we are finalising an agreement to migrate our private clients to Cult Wines (PCI) Limited which we hope to complete by August 14th 2014.
The transfer of your account to Cult Wines is not at this time unconditional and it is possible that Cult Wines will not be in a position to assume management of your account, even if you should wish them to do so.
In any event, should you wish Cult Wines to manage your account, then that would be on the terms of an agreement between you and Cult Wines under their terms & conditions of business, a copy of which Cult Wines will provide to you, should you wish to open an account with them. A brief summary of their terms & conditions are set out below for your information.
Please note that, prior to any new agreement between you and Cult Wines, Cult Wines is not able to accept any liability or responsibility to either Premier Cru (Fine Wine Investments) Limited or its customers.
Please see below your current stock holdings in storage at EHD,the precise value of which will be confirmed to you once you have agreed to transfer your account to Cult Wines, whereupon they will carry out a full reconciliation of your final client account & stock records.
Subject to that reconciliation, below for guidance purposes at this stage is a statement of your account:
It is important to recognise that we have selected Cult Wines based on their range of market leading client services, their position in the international fine wine market and the unique range of online services which are unrivalled in this sector.
Cult Wines provide a very personal private client service, a portfolio manager will be appointed to manage your account and will provide access to their website where you can view your portfolio holdings (which are revalued daily), weekly market reports and obtain a tailored approach to maximising your investment in this market.
Portfolio Management Services:
Clients of Cult Wines will also receive a unique portfolio management service which will include the following:
Please do visit the Cult Wines website www.wineinvestment.com, which is the No 1 site for fine wine investment.
You may also wish to visit https://www.trustpilot.co.uk/review/www.wineinvestment.com to read independent reviews from existing clients relating to Cult Wines’ services.
To help us complete the transition to Cult Wines as quickly and as smoothly as possible, please confirm your agreement to the transfer of your account to Cult Wines by no later than August 14th 2014. All you need to do is reply to this notice indicating that you would be content to transfer your account to Cult Wines. If we do not receive any reply to this notice by August 14th 2014, we will assume that you do not object to this transfer.
Cult Wines have arranged for the following Terms & Conditions to be offered to all Premier Cru clients and will work to ensure all clients are kept informed during the transitional phase.
Terms & Conditions for PCI clients
Clients of Premier Cru will be offered a revised fee schedule when moving their account from Premier Cru to Cult Wines. The following terms & conditions would apply specifically to this fee schedule and be available to Premier Cru clients
The fee schedule is directly linked to the provision of portfolio management services that will offered by Cult Wines to each client. These are unique to the fine wine investment market and will ensure all clients have access to a wide range of leading edge management services.
Cult Wines will charge a 5.0% annual management fee for years 1 & 2 effective August 14th 2014 (this includes the client set up fee). There is a liquidation charge of 5.0% on stock that is sold or moved during year 1, Cult Wines will offer a reduction to 2.5% for stock that is sold or moved during year 2
Cult Wines will also offer a reduced management fee from year 3 of 1.75% per annum which includes a 0% liquidation charge.
Fees will be payable within 30 business days of invoicing and Cult Wines would reserve the right to collect fees from the sale of client stock if unpaid after 30 calendar days. Clients would be charged £1.25 per case/month which would cover all storage & insurance charges for the term of the investment, this will be invoiced on an annual basis.
If you have any questions in connection with this notice, or wish to confirm that you are content to offer the transfer of your account to Cult Wines, please email us at firstname.lastname@example.org.
Alternatively, if you have questions about Cult Wines, then please feel free to contact Philip and Tom Gearing, the Directors and founders of Cult Wines. Philip and Tom are best placed to explain their process and plans for you and your portfolio going forward.
Their full contact details are:
Cult Wines Ltd, St Andrews House, Upper Ham Road, Richmond TW10 5LA
Philip Gearing - 020 8332 9386 Director
Tom Gearing - 020 8332 9386 Director
Stacey-Lea and Paula Golding
CEO and Co-Founder