Penketh Associates (Penketh Developments Ltd) false claim re Bordeaux Fine Wines

'subsidary' (sic) arm of PENKETH DEVELOPMENTS LTD

Our services: Penketh Associates – investment planning, 

retirement planning, planning your estate, personal cash  

Update: 30th August 2016 – the above website, which was registered on 28th July 2016, has now disappeared.  

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Crates and pallets & site construction in Islington 

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Birmingham: 'so Penketh Developments Limited 
is engaged in Buying and selling of own real estate'

Here we have yet another company – Penketh Associates, a subsidary (sic) of Penketh Developments Ltd – that is claiming falsely to have taken over as liquidator of Bordeaux Fine Wines Ltd from David Ingram of Grant Thornton as well as recovering missing wine for investors. 

Message from Grant Thornton – re Bordeaux Fine Wines Ltd

'In addition, we have been contacted by a number of investors recently who have been contacted by a company called Penketh Associates (penkethassociates.co.uk). They have been advising creditors (in Bordeaux Fine Wines Ltd) they have replaced David Ingram (Grant Thornton) as Liquidator and that they have "found their wine". One investor has transferred £10,000 and surprisingly hasn't received anything in return.

I have advised the police of this company and they are currently assisting the creditor to get their money back."  

Company history and activities
It has to be said that Penketh Developments Ltd is somewhat of a mystery. Penketh Developments Ltd was founded on 9th December 2002 with a share capital of £2 held by the company formation agents. It remained a dormant company until 31st December 2013. The accounts to 31st December 2013 listed assets as £2 – the original share capital. However, the accounts to 31st December 2014 listed stocks for 2013 as £100,000.... presumably the £100K shares belonging to Robert Hawes as listed on the annual return to 9.12.14 filed on 21.7.2015.

Balance sheet 31.12.13: current assets £2

 Balance sheet 31.12.14 – stocks (2013) £100,000

On 1st November 2014 Robert Hawes (DOB: May 1967) was appointed a director of Penketh Developments Ltd. However, this appointment wasn't filed at Companies House until 21st July 2015. On 21st April 2015 a First Gazette for a compulsory strike off was issued. This was lifted on 22nd July 2015 once the annual return to 9.12.14 was filed on 21.7.15. On 11.6.2015 the registered office was changed to Unit 9, 3 Warstone Lane, Hockley, Birmingham B18 6JE, where the company's activity was apparently 'Buying and selling of own real estate'.  

Balance sheet to 31.12.2014
Current stocks in the first year of trading starting presumably on 1st November 2014 when Robert Hawes was appointed a director taking over from the company formation agents were listed as £1,907,540 with total assets less current liabilities as £2,040,722. Total net assets including liabilities were £1,161,234. It looks like Robert Hawes, described as sales director, should be congratulated on a remarkable achievement on only just two months (November and December) of trading. The accounts are unaudited as under UK company there is no requirement for small companies to have their accounts audited. 

Change of directors     
Despite Hawes admirable success during the company's first two months of trading, he resigned as a director on 5th January 2015, although his resignation wasn't filed at Companies House until 23rd December 2015. Hawes was replaced by David Hinsworth (DOB: 1.1973) appointed on 4th January 2015, although the paperwork wasn't received by Companies House until 6th December 2015. Hawes transferred the £100k worth of shares to Hinsworth on 5th January 2015. 

Accounts to 31st December 2015
In the company's (Penketh Developments Ltd) first full year of trading to 31st December 2015 Hinsworth has continued Hawes' remarkable success. Total net assets are given as £2,073,962 against £1,161,234 to 31st December 2014.
  

Speed Associates Ltd – a warning from Grant Thornton

From: David Ingram (Grant Thornton) – liquidator for Bordeaux Fine Wines Ltd 

Just received the email below from a BFW creditor. Suffice to say the liquidation of BFW continues.  We have had no dealings with Speed Associates and BFW did not purchase wine from them. This appears to be another scam so I’d be grateful if you could put an alert on your blog to that effect.

 

Email from BFW creditor:

'I was wondering if you could help me.

 

I am one of the unfortunate investors who has lost money due to the liquidation of the above company. I have been receiving correspondence from Grant Thornton in relation their investigations into the whereabouts of all the wine which investors purchased. However, today, I have received a phone call from a company called Speed Associates, a chap called James Clarke.  He informed me that they had taken over the liquidation of this company due to Grant Thornton having exhausted every avenue.  He told me they were one of the merchants who supplied wine to Bordeaux and that he thinks they may have some of my wines.  He has asked me to provide him with details of the wines I had in my portfolio but I was, obviously, reluctant to do this without checking out his story.  I was, therefore, hoping you would be able to advise me on the validity of this company and person.

 

I hope you are able to help me and look forward to hearing from you.'

Speed Associates Ltd 

Although Speed Associates Ltd was founded on 9th December 2002, it remained a dormant company for many years. The last set of dormant accounts were made up to 31st December 2013. It has one director – Steven Dhadda (DOB: 15.4.1965). He was appointed on 1st June 2014 but the appointment notice was not received by Companies House for filing until 13th July 2015. Until 2015 the company's share capital was £1. However, the last annual return to 9th December 2015 filed on 19th May 2016 shows that the share capital is now £100,000 – all held by Steven Dhadda. On two occasions Speed Associates have been threatened with compulsory strike-off – 14.4.2015 and 15.3.2016. On both occasions this has presumably been because Steven Dhadda has not filed Speed Associates Ltd's annual return on time. 

It is interesting to note James Clarke's (his real name?) claim that Speed Associates Ltd supplied wine to Bordeaux Fine Wines Ltd. Firstly because BFW failed to buy a substantial amount of the wine they sold. Secondly and more importantly The Official Receiver was appointed as provisional liquidator for Bordeaux Fine Wines Ltd just two days after the period covered (to 31.1.2013) in Speed Associates Ltd in their last set of dormant accounts. 1st January 2014 was a public holiday. 

The claim that Speed Associates Ltd has taken over the liquidation of BFW is also untrue as Grant Thornton's David Ingram, the liquidator, confirms. Ingram's assessment that Steven Dhadda's Speed Associates Ltd is a scam appears to be correct.        

 

RST Contracts Ltd and a Russian 'buyer' + compare & contrast

On Monday I was contacted by a senior member of the fine wine trade with the following query about RST Contracts Ltd:  

'I wanted to ask you if you have come across the above company? (www.rst-contracts.co.uk). I have just been reading your February post on London Commodity Exchange with interest. I have a client who lost a lot of wine/money in the Bordeaux Fine Wine saga, and has been repeatedly contacted by RST Contracts who claim that they have c. £250k of his wine, that they have a Russian buyer for it and that he needs to pay c. £40k VAT – refundable – in advance and he will then be sent the proceeds.'

I contacted David Ingram and Hannah Davie at Grant Thornton, who are dealing with the winding up of Bordeaux Fine Wine Ltd. Ingram had told me back in February that there were no stocks of wine magically lying outside the UK:

'We have undertaken a comprehensive forensic exercise on the little wine that was actually purchased by Bordeaux Fine Wines and are satisfied that it has been accounted for. There is certainly no stocks of wine overseas.' David Ingram (February 2016.

On Tuesday Hannah Davie of Grant Thornton replied: 

'I confirm that we have heard from several creditors of Bordeaux who have been contacted by RST Contracts advising that they have identified their wine, which they can sell for them to Russian or off shore investors, for an upfront fee.

One creditor in particular asked RST Contracts for documentation to evidence they had located his wine and the identity of the purchaser etc, but was not provided with anything from RST.'

Grant Thornton's view is that this story about a 'Russian buyer' is another example of advance fee fraud associated with the non-purchase of stocks of wine by Bordeaux Fine Wine Ltd. 

**

RST Contracts Ltd was incorporated on 9th April 2013. There are four current directors: Albert Sidney Brown (DOB: 11.1948 – software engineer), Caroline Clarke (DOB: March 1953 – management accountant), Maxine Matthews (DOB: October 1967 – administrator) and Kenneth Peter Ward (DOB: February 1953 – director). Share capital as of 1.6.2015 was £1 held by Peter Kenneth Ward. The registered office and trading address is: 33 New Barn Street, London, E13 8JZ – a residential address in Plaidstow. Accounts to 30.4.2014) for a dormant company were filed on 4.11.14. The latest accounts (30.4.2015) show net assets of £1,753,063.

The website for RST Contracts Ltd was registered on 17.2.2016. 

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Websites: Compare and contrast – Amphora Portfolio Management – RST Contracts Ltd
RST Contracts and their four directors are clearly advocates of recycling as a comparison between their website and that of Amphora Portfolio Management shows that much if not all of the RST website has been copied word for word from Amphora. See below.

RST Contracts Ltd have used Amphora's material without permission. David Jackson, a director of Amphora Portfolio Management Ltd, wrote to the directors of RST Contracts Ltd on 9th May 2016 requiring them to undertake by the end of Wednesday 11th May 2016 to cease using the material and to seek his permission for any future use. RST have until close of business on Friday 13th May 2016 or face the possibility of legal action.   


Amphora:

RST:

Why Amphora?: 

 

Why RST Contracts Ltd?:

  

It would seem that the directors of RST Contracts Ltd have yet to master the full intricacies of find and replace as they have forgotten to fully replace here – '.... but at Amphora we argue ....'     Oops!! 

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I will certainly steer well clear of RST Contracts Ltd no matter how persuasive their promises of Russian buyers may sound ..... 

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Update: 17th May 2016

 

 

RST Contracts Ltd website has been taken down by its ISP. See comments.  

Ex-clients of Bordeaux Fine Wines Ltd should avoid London Commodity Exchange plc

 

Mailbox Rental:
Jain Harsh address: Suite 444, 19-21 Crawford Street, London W1H 1PJ

Recently I was contacted by RT, a former client of Bordeaux Fine Wines Ltd, who had been cold called by Jonathan Church of the London Commodity Exchange claiming to be able to recover wines he had bought through BFW that were now held overseas.

RT was rightly suspicious of Mr Church and the London Commodity Exchange. These suspicions have been confirmed by Grant Thornton's David Ingram, the liquidator of Bordeaux Fine Wines Ltd. Ingram informs me that there are no unaccounted BFW stocks of wines:

'We have undertaken a comprehensive forensic exercise on the little wine that was actually purchased by Bordeaux Fine Wines and are satisfied that it has been accounted for.  There is certainly no stocks of wine overseas.' 

David Ingram's email is below.

London Commodity Exchange plc is one of Jain Harsh's companies. Harsh was born in January 1979. His correspondence address is Suite 444, 19-21 Crawford Street, London W1H 1PJ. He is director of multiple companies (at least 25 – mainly dormant) with an apparently share capital of at least £2,222,001,002 – 15 companies checked to date. If cold called by London Commodity Exchange or other similar company spinning the same tale, my very strong advice is to put the phone down. 

 

Email from RT:

Dear Jim,

I would be grateful if you could read the email below and let me have your opinion.

As background I was an investor in Bordeaux Fine Wines and am now awaiting the completion of the liquidation process.

I was contacted this afternoon (cold called) by Jonathan Church who explained that his company (London Commodity Exchange) was supported by the government and that they were investigating the existence of wine purchased by the director and managers of Bordeaux Fine Wines, in the name of investors, and then stored overseas in the joint names of BFW and the investor.

He claimed that they had recovered wine for 28/29 investors and subsequently disposed of it on their behalf.  He offered to investigate the existence of wine held overseas in my name and then to obtain a valuation prior to selling it.  As yet I have no knowledge of the business arrangements they would propose.

He made great play about the liquidator not being interested in finding these deposits of wine but unfortunately I cannot remember the logic behind this assertion.

Before they could start work I would have to provide them with a list of the wine I purchased from BFW that had not been deposited in my bonded warehouse account.

I found the company on the internet (http://londoncommodityexchange.com/) and they appear to be a futures trading organisation.  There was no reference to dealing in wine.

Personally I have never heard of London Commodity Exchange and I am worried that this is yet another scam.  I would appreciate any comments you may have.  If this does prove to be a scam it would be appreciated if you would make more people aware via your web site.

Best regards,

RT

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Email from Jonathan Church, London Commodity Exchange 

From: admin admin [mailto:admin@londoncommodityexchange.co.uk]
Sent: Tuesday, February 16, 2016 3:44 PM
To: RT
Subject: London Commodity Exchange

 

Dear Mr RT,

Further to your conversation with one of our marketing advisors, we are writing to you to inform you of the updates regarding the particular investment you acquired through the liquidated company in question.

After researching our systems it has become apparent that you have had difficulty in selling your assets and have not had an accurate valuation of them in some time.

We would like to make you aware that although the company/s you’ve dealt with have had mismanagement problems throughout their organisation, it does not mean that the assets you acquired through them are unsuitable for your portfolio it just means that they haven’t been managed correctly.

When commodity companies in the UK go into certain forms of difficulty it is our duty to ensure we can put the clientele of those organisations in a position where they can sell their assets in a safe, secure and reliable manner.

Through the research which was carried out by our advisors it has come to our attention that your portfolio hasn’t been marketed, and it’s imperative that this process is fully exercised.

Unfortunately it seems that the companies you dealt with never informed you of the sale process and as a consequence this has left your portfolio stagnant for some time.

As promised by our consultants, your portfolio will be accurately valued (once information has been provided) by an independent source. Where they would take market conditions into consideration to shed light on the overall value of your assets.

We would like to make you aware that the valuations are extremely important. However, they are meaningless unless there is a third party buyer who is interested in purchasing the portfolio.

Once our advisors have informed you of the valuations, they would then elaborate on the sale process and how to conclude business in a way that would suit you.

We strive to deliver excellence in every part of our business and welcome any feedback that will enable us to do this.

Let us take this opportunity to congratulate you on taking affirmative steps to closing the chapter on this part of your portfolio.

If you have any questions or queries, please do not hesitate to contact us on 0203 627 7833    

 

 

Best Regards,

 

Jonathan Church
Administration and Compliance Team
London Commodity Exchange Plc.
 
Telephone: 020 3267 7833
Email: admin@londoncommodityexchange.co.uk


Disclaimer:
Everything in this email and any attachments relating to the official business of London Commodity Exchange Plc. and any or all subsidiaries ("the Company") is proprietary to the Company. It is confidential, legally privileged and protected by relevant laws. The Company does not own and endorse any other content. Views and opinions are those of the sender unless clearly stated as being that of the Company.

The person or persons addressed in this email are the sole authorized recipient. Please notify the sender immediately if it has unintentionally or inadvertently reached you and do not read, disclose or use the content in any way and delete this e-mail from your system.

The Company cannot ensure that the integrity of this email has been maintained nor that it is free of errors, virus, interception or interference. The sender therefore does not accept liability for any errors or omissions in the contents of this message which arise as a result of e-mail transmission. If verification is required please request a hard-copy version. This message is provided for informational purposes and should not be construed as a solicitation or offer to buy or sell any securities or related financial instruments.

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Response from David Ingram, Liquidator of Bordeaux Fine Wines Ltd, Grant Thornton 

We have also spoken to a couple of investors who have also been contacted by this outfit.  I quickly concluded that London Commodity Exchange is, as you state, another fraudulent enterprise trying to perpetrate an advance fee fraud on existing victims.  I strongly recommended to the creditors of BFW whom I spoke to that they should have nothing to do with London Commodity exchange and should definitely not pay them anything.

 

We have undertaken a comprehensive forensic exercise on the little wine that was actually purchased by Bordeaux Fine Wines and are satisfied that it has been accounted for.  There is certainly no stocks of wine overseas.

 

Please do emphasise this message on your website

 

Prestige Fine Wine Ltd – meeting of creditors 25th February 2016

 

 

Prestige Fine Wine Ltd
(Company Number 07180289)

A message from Grant Thornton:

'A winding-up order was made in the public interest against Prestige Fine Wine Ltd, a wine investment company, on 15 December 2015.  The company had boasted on their website of returns of 166% on investment together with over 25 years of experience.

A meeting of creditors has now been convened specifically to appoint a liquidator in place of The Official Receiver. The first meeting of creditors has been scheduled for 25th February 2016 and will be held at 2pm at The Official Receiver’s offices at 4 Orchard Street, London SW1P 2HT.|

Any queries concerning the affairs of the company should be directed to The Official Receiver’s office in London.

Should you want advice on your options, please contact Samantha Street, a manager at Grant Thornton, at samantha.j.street@uk.gt.com or on 020-7728 2651.'

NB: investdrinks is happy to post similar messages from other companies interested in this liquidation. 

In December 2015 I posted a report on the winding up hearing of this 'pernicious' company. A company that wickedly persuaded an elderly man to part with £150,000 for non-existent shares in Prestige Fine Wine Ltd. It would be wonderful to see the perpetrators of this cruel and callous act in court.   

APW Asset Management in liquidation: possible appointment of liquidator

Now that APW Asset Management Ltd has been wound up in the public interest I expect that the Insolvency Service will now seek to appoint an insolvency practitioner to wind up the company and do the necessary investigation. This this case it will be important that, if an independent practitioner is appointed that they do a thorough investigation into not only the running of APW Asset Management but also to discover who is behind Big Wine Company Ltd, the chief shareholder of APW Asset Management Ltd and what links there may be to other wine investment companies.

See here.

As previously I have agreed to post the following notice for the information of creditors of APW. If there are other insolvency practitioners who also wish to be appointed liquidator of APW, I will be happy to post notices from them, too.   

Message from David Ingram of Grant Thornton  
'Following the winding up of APW Asset Management Ltd it is likely that the Official Receiver will convene a meeting of the company’s creditors to appoint an independent Insolvency Practitioner as liquidator of APW.  At the time of writing the date for the creditors’ meeting has not been set.  The appointment of the independent liquidator will be based upon the value of creditors supporting the nomination of that Insolvency Practitioner.  I am aware that David Ingram of Grant Thornton is seeking the appointment as liquidator in this case; David and his team have dealt with a number of fraudulent wine investment companies, notably Bordeaux Fine Wines Ltd and Fine Wine Vintners Ltd.  David specialises in contentious insolvency appointments – those cases that require a thorough investigation as to the background of the insolvency and the dealings of the directors of the company. David’s email address is david.ingram@uk.gt.com and has advised me he is happy to answer queries from creditors of APW.'

Good news: two further companies being closed in public interest

Capital Bordeaux Investment Corporate Limited and Capital Bordeaux Investments Limited

It is good to see that the Insolvency Service is now busy pursuing other dubious wine investment companies following forcing Ken Gundlach's Bordeaux Fine Wines Ltd into liquidation. On 13th February Capital Bordeaux Investment Corporate Limited and Capital Bordeaux Investments Limited were put into provisional liquidation by the High Court in London on public interest grounds. The full hearing of the petition is on 14th May. It is, however, rare for the directors of companies put into provisional liquidation to oppose public interest petitions.

Message from Grant Thornton:      
'Capital Bordeaux Investment Corporate Limited & Capital Bordeaux Investments Limited in provisional liquidation 

'Capital Bordeaux Investment Corporate Limited (CBIC) & Capital Bordeaux Investments Limited (CBI) companies that sold wine to investors, were placed into provisional liquidation by the High Court in the public interest on 13th February 2014, following an investigation by the Insolvency Service.
 

The Official Receiver is acting as provisional liquidator in both matters with a hearing set for 14 May 2014 at 10.30am in London to place the companies into formal compulsory liquidation. It is from this point that an Insolvency Practitioner may be appointed to act as Liquidator to investigate the financial affairs of the company and seek to maximise the potential return to creditors.

Should you want advice on your options please contact Samantha Street, a manager at Grant Thornton, at samantha.j.street@uk.gt.com or on 0207 728 2651.'

Investdrinks is prepared to post similar notices from other insolvency practitioners. 

Bordeaux Fine Wines Ltd: more details on meeting to appoint liquidator

The meeting (Friday 14th March) was chaired by Phil Amatt, Assistant Official Receiver. David Ingram secured the majority of votes and consented to the appointment to act as Liquidator.

All known creditors will be written to confirming David Ingram's (Grant Thornton) appointment and advising of the next steps. This letter will be issued once the handover papers have been received from the Official Receiver's office and initial investigations have been undertaken. 

Should there be any creditors who have not previously been contacted by The Official Receiver or do not believe they are a known creditor they are asked to contact Matthew Vines or Alex Taylor of Grant Thornton to register their details. It should be noted that any creditors who have lodged a proof of debt form do not need to make contact as these forms will be made available by The Official Receiver to the Liquidator. 

Contacts:

Matthew Vines: matthew.d.vines@uk.gt.com

Alex Taylor: alex.j.taylor@uk.gt.com

Bordeaux Fine Wines Ltd closed in public interest – Kenneth Gundlach admits £12 million worth of wine missing

Happier days for Kenneth Gundlach: Bordeaux Fine Wines Ltd 

sponsored the ROA (Race Horse Owners) Horseracing Awards in 2012

Details here and here
Ken Gundlach is first from left of line across stage 

Bordeaux Fine Wines Limited - in Liquidation 

‘The Company was placed into formal liquidation at the hearing today (26 February 2014) in the Companies Court (High Court, London) on the grounds it is expedient in the public interest on the basis it just and equitable for it to be so under Section 124(a) of The Insolvency Act. The petition brought by the Department for Business, Innovation & Skills had been supported by four creditors with claims totalling c£2,582,000.

The director was not present however the Winding Up Order was not contested. In a statement read out by the Registrar to the Court Mr Gundlach admitted that the Company had purchased insufficient wine to fulfil customer orders. Wine prices had again, according to the director, been inflated by 60% although an investigator had suggested this to be more in the region of 350% given much of the wine had not actually been purchased. The Registrar further commented “It is clear from evidence before me that they did not purchase sufficient wine to fulfil orders”.

The level of indebtedness to the Company could not be quantified at the hearing with The Public Interest Unit suggesting at least £8m as being due to investors as well as HMRC’s claim in the proceedings being c£8m. The director in response to the Public Interest Unit had previously stated “On current allocation £12m of investors will not get wine”.

It was reported in court that the Metropolitan Police have been investigating. 

A meeting of creditors will now take place in London at The Official Receivers Office, 2nd Floor, 4 Abbey Orchard Street, London, SW1P 2HT.  The potential date put to the hearing was 14 March 2014 at 15.00 specifically to appoint an insolvency practitioner, however this date has yet to be confirmed.  The Official Receiver has deemed it appropriate to convene such a meeting given the unknown level of creditors to further ascertain creditor wishes. It should be noted the director is not duty bound to attend the meeting and it is thought highly unlikely he would do so.

Jim:

I’m very grateful to Samantha Street of Grant Thornton for the above summary of this morning’s hearing. If Kenneth Gundlach, the sole director of Bordeaux Fine Wines, is correct in his estimate that investors will not see £12 million worth of wine they purchased, then this is a very substantial shortage. The shortage in last year’s Nouveau World Wines/Finbow totaled some £4.5 million.

Grant Thornton

(I’m happy to post this message on behalf of Grant Thornton for information. Any other insolvency practitioners looking to act as liquidator to Bordeaux Fine Wines Ltd can contact me about posting a similar notice.)

'David Ingram of Grant Thornton UK LLP has been nominated to act as Liquidator by other creditors and as such should anyone involved in the purchase of wine through Bordeaux Fine Wines wish to understand how Grant Thornton UK LLP can represent their interests in this matter please do contact Samantha Street, a manager at Grant Thornton, at samantha.j.street@uk.gt.com or alternatively 0207 728 2651.

Grant Thornton have successfully dealt with a number of wine investment companies making good recoveries for investors noting there will be no charge to investors in making a nomination for David Ingram to be appointed to act.

FInD specialise in tracing and recovering assets and are a national team together with an international reach with a presence in all offshore financial centres. They have recovered assets from many jurisdictions and are currently successfully recovering monies for victims of various investment scams, including off plan property developments, mortgage fraud and boiler room fraud, in the UK, Spain, Caribbean, USA, the Middle East and other overseas jurisdictions.

For further information regarding Grant Thornton's insolvency investigation services please visit http://www.grant-thornton.co.uk/en/Services/Recovery--Reorganisation/Fraud-Insolvency-Division-FInD/'