Rearing a phoenix....... part 1 – World of Wine Ltd from the ashes of En Primeur Ltd.

'In Greek mythology, a phoenix or phenix (Greek: φοῖνιξ phoinix; Latin: phoenix, phœnix, fenix) is a long-lived bird that is cyclically regenerated or reborn. Associated with the sun, a phoenix obtains new life by arising from the ashes of its predecessor. According to some sources, the phoenix dies in a show of flames and combustion, although there are other sources that claim that the legendary bird dies and simply decomposes before being born again.^[1]'

From Wikipedia

The Phoenix is a rather splendid bird – largely mythological but they can be reared successfully in the UK as this short series of posts may indicate.

To kick off here is a recent example from the UK wine trade where a company has died 'in a show of flames and combustion' but serendipitously its debts 'simply decompose' before a new one is born again.  

Goodbye – En Primeur Ltd! (05949641) ...... Hello – World of Wine Ltd! (09900486)
En Primeur Ltd was founded in September 2006 with Marco Paulo Correia (DOB: 29.9.1968) and Ana Sebastiao as the company secretary. En Primeur Ltd was based in Crawley with Ground Floor 1-7 Station Road Crawley West Sussex as its registered address and trading address: Suite 4, Kelvin House, Kelvin Way, Crawley RH10 9WE. As its company name implies, the sale of en primeur was a major focus. At the height of the demand for Bordeaux en primeur (2009/2010) Correia advertised his company's en primeur prices in January promising to hold them when the actual price posted by the châteaux several months later – surely a gamble fraught with difficulties.....

On 24th July 2014 En Primeur Ltd went into liquidation with debts that were originally estimated at 'low six figures' but which had climbed to unsecured claims of over £2.4 million by September 2015 when the liquidator, Nedim Aliyan of Abbott Fielding, filed his first annual report. News reports from July 2014 here and here.   

The last annual return filed in 2013 showed En Primeur Ltd had share capital of £100 – 85 shares held by Marco Correia and 15 by Roberto Correia. Full details of En Primeur Ltd and its filing can be found on Companies House Beta service.          
Hello – World of Wine Ltd! (09900486) 
The World of Wine Ltd was incorporated on 3rd December 2015. Ana Ligia Sebastiao (DOB– March 1973), who was company secretary of En Primeur Ltd, is the sole director and sole shareholder. The company has a nominal share capital of £100 – with £100 unpaid. Its registered office is Ground Floor, 1/7 Station Road, Crawley, West Sussex, United Kingdom, RH10 1HT and trading address: Suite 4, Kelvin House, Kelvin Way, Crawley RH10 9WE.   

Although Marco Correia is not an officer of The World of Wine he is the registrant of the company website – registered on 11th November 2015. Buying en primeur features prominently on the World of Wines Ltd's website. 

Compare and contrast:
Keen readers may notice a certain resemblance between these two explanations of buying en primeur...... 

 En Primeur Ltd: En primeur wines 

  World of Wine Ltd: What is En Primeur? 

Both explanations conclude with: 

'Buying en primeur allows you to make sure that special vintage you have your eye on doesn't get away.'

I'm not entirely sure that the many individuals listed as creditors of En Primeur Ltd would completely concur with the above ....  

 

From the terms and conditions of World of Wine Ltd:

  

En Primeur Sales 

In the unlikely event that we are unable to supply wines 

purchased on your behalf en primeur due to circumstances 

beyond our control, our liability will be 

limited to any money paid to us. 

It is not clear what happens if the reason why wines are not supplied are due to circumstances within the company's control eg failure to pay en primeur suppliers.... 

The terms and conditions for The World of Wine Ltd limit to right of return to three days from delivery. This is contrary to the 2013 Consumer Contracts legislation that gives 14 days. 

•• 

Doubtless business people should be given a second chance but equally potential clients have a right to know a company's background. I won't be buying from the World of Wine Ltd. 

Noble Rock Partners or Claremont Partnership? I'd avoid both!

Home page of Noble Rock (Noble Rock Partners) 

or is it Claremont Partners Ltd?

The following message from TJ was passed onto investdrinks by a wine company:

TJ: 'I have just been approached by an investment company called Noble Rock; a cold call.

I spoke to a Peter James who quizzed me about who had contacted me regarding my wine portfolio and what I had been offered. His reply was "Oh no your portfolio is worth a lot more". Having given some details of my portfolio he telephoned back later and said their company could guarantee a sale around £58,000. Then, he said it would require a deposit of around £5,800 (a management fee) payable to an escrow account. The escrow account, he said, was to act as a safeguard between myself and the company.

I receive the paperwork today. The company has assets of over £2 million.

This all sounds rather risky to me! What do you think? Have you heard of them?'

Although the website is called Noble Rock – the company is actually Noble Rock Partners Ltd. There was a Noble Rock Ltd – apparently unconnected – which was dissolved in 2013.  

Although Noble Rock Partners Ltd was incorporated on 3rd December 2012, it wasn't active until December 2014 as it changed its name from 1st Network Ltd on 10.12.14 – the day after Philip Elman, the sole director was appointed. The previous director Darren Symes resigned the same day. Share capital is £1, which is held by Paramount Properties (UK) Ltd. The company's website was registered on 22nd December 2014.  

 £1 share capital apparently worth: £2,781,743

Parent company: Paramount Properties (UK) Ltd

Healthy balance sheet!!

Northern Rock Partners Ltd offers investment opportunities in oil, gold, capital exchange and wine, except that it is clearly used text from an earlier company called Claremont Partnerships Ltd, whose initial director was Darren Symes and its parent company is also Paramount Properties (UK) Ltd. 

You have to be so careful when you cut and paste! 

 

 Noble Rock website but 'The investment objectives 

of the Claremont Partnerships is ....

Noble Rock website but 'The Claremont Partnerships..... 

Noble Rock carries logo of World Finance 
Investment Management Awards 2013

+

CIPA International Investment Awards 

Noble Rock website carries logo of World Finance Investment Management Awards 2013 and the CIPA International Investment Awards. Noble Rock Partners Ltd has not won an award in either of these competitions.  

On 7th November 2014 redd-monitor.org warned here about The Claremont Partnerships Ltd.  There doesn't appear to be a current website for The Claremont Partnerships Ltd. Instead it would appear that they are now operating as The Noble Rock Partnership. 

Offered £58,951.78 by the Noble Rock Partnership Ltd a look on wine-searcher shows that TJ's portfolio could be bought for around £19,000. Of course if TJ was to sell his portfolio, he could expect to get around £17,000 – assuming a 10% commission charge. Remarkable that Noble Rock is able to offer £58,951.78 – presumably why they charge a refundable 'management fee' of £5895.78.  

Noble Rock Partners Ltd: 'Cancellation Policy 
By placing an order you accept that our mutual dealings are speculative and subject to the financial markets and therefore fall outside the distance selling regulations. Requests to cancel must be submitted by email or post.' 

This is incorrect. Fine wine is not a regulated financial market and is therefore subject to the 2013 Consumer Contracts legislation.

Paramount Properties (UK) Ltd 

Paramount Properties (UK) Ltd is the parent of Noble Rock Partnership Ltd and Claremont Partnerships Ltd. Founded in June 1981 Paramount Properties (UK) Ltd has been dormant since at least 1995. Its sole director is Neil Stuart Cohen born in 1961 and was appointed in March 1991.

Neil Stuart Cohen is currently the sole director 

and has been a director since March 1991  

   

 

Noble Rock Partners Ltd – thanks but no thanks!