investdrinks was contacted yesterday by a client of Premier Cru Fine Wines Investment Ltd. They had just been told by Cult Wines Ltd that their portfolio, which has a small 'shortfall' could be transferred into their own account if they set one up. However, they would have to agree accept Cult Wines proposal which includes the 5% 'why so high' management fee. If they don't sign up with Cult then apparently it will be down to the liquidator, if the remnants Premier Cru Fine Wine Investments Ltd goes into liquidation, to decide whether the wines can be released to the remaining clients of Premier Cru.
I find it intriguing that the payment of a 5% management fee to Cult Wines Ltd establishes title, whereas if a client declines to sign up to Cult Wines, then it will be down to a possible liquidator in the future. This doesn't appear to be entirely equitable....
It is, however, clearly advantageous for clients to be move their portfolios into their own accounts so that they have full control over their wines and are not dependent upon a company whether it be Premier Cru, Cult Wines Ltd or any other wine company.
A number of Premier Crus clients have said that they feel trapped between a rock and a hard place – I can well understand what they mean. I am extremely relieved that I declined on several requests from Premier Cru Fine Wine Investments Ltd to list them as a company from whom I would consider buying wine.
Update: seeking legal assistance?
Yesterday, on a recommendation through twitter, I referred a client of Premier Cru to Michael Clark (mclark@nash.co.uk) of Nash & Co solicitors in Plymouth. Tel:01752-664444.
Although I don't know what the fees are, Michael is prepared to have a free preliminary chat with investors seeking advice.
Update: seeking legal assistance?
Yesterday, on a recommendation through twitter, I referred a client of Premier Cru to Michael Clark (mclark@nash.co.uk) of Nash & Co solicitors in Plymouth. Tel:01752-664444.
Although I don't know what the fees are, Michael is prepared to have a free preliminary chat with investors seeking advice.
01752 66 44 44
Any news on the Cult/1er Cru saga now that the deadline has passed?
ReplyDeleteNot so far....
DeleteI would be interested to know how many clients have gone with Cult Wines and how many not and what action the latter people have taken
ReplyDeleteI did not go with Cult but still don't konw what to do....
DeleteI am a customer of Premier Cru and have been for the last 10 years. I paid them on a monthly dd basis and they took money from my account at the beginning of the month. Cult in fairness have actually been very polite and helpful when I have contacted them but I am going it alone and will have a private account with EHD. I was actually contacted by Premier Cru on
ReplyDeletea few occasions prior to them closing asking if I wanted to buy more wine by telephone which I thought was quite strange as in the last 10 years the only contact I have had with them was by me calling them or them sending me a yearly statement of what they have for me as well sending over the ownership documents as well as when they transferred all the wine from Octavian to EHD some time ago. Very strange behaviour from a
company that had always remained so anti calling customers.
Surely they weren't planning all this for some time were they. I wonder. Also why sign all your letters to your customers not using your real surnames premier cru ?
Thanks Anon. What signatures did they use please. Thanks Jim
Delete