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.
  

Global Escrow Exchange – claiming to have clients' assets from Encarta Fine Wines'

Message from TB:

'I received a call yesterday and again about 10 minutes ago from a one Mr.Alan Accott who says he is with “GLOBAL ESCROW EXCHANGE”, their registered Office in Harrow and Trading Office in Central London. They have a telephone number 020-7310 8461, and another one 0304-2398.

I was one of the customers at Encarta Wines (now in liquidation) and these guys maintain my wine portfolio was sold and is now held in “Escrow”. The figure they say is being held is £64,644.39 and to receive this money I have to pay £3,232.06 “holding fees”.'

 

Global Esrow Exchange is not a UK registered company. Its contact address is 27-28 Clements Lane, London EC4N 7AE. This is a Regus serviced office and meeting room block in the City of London.  

Global Escrow Exchange claim: 'we are dedicated to providing quality service and personal attention to each customer. Asset transactions require a tremendous amount of technical experience and knowledge. Our staff has gone through extensive training to manage the finite details and to ensure a successful closing. Since opening our doors over 60 years ago, our financial strength is unmatched and we've become the UK's leading provider of escrow and settlement services. Selecting the right escrow and settlement company is essential to the success of your asset closing. We are the single best source of all your escrow and settlement needs and look forward to working with you. 

Rather curiously for a company that 'opened its doors over 60 years ago', Global Escrow Exchange only registered their website on 19th May 2016 – see below. I spoke to Carol Hooper of Abbott Fielding, who are the liquidators for Encarta Fine Wines Ltd. She had never heard of Global Escrow Exchange.....

TB decided not to send £3,232.06 in holding fees to Global Escrow Exchange. Instead they have contacted Action Fraud. Clearly TB wasn't convinced by Global Escrow Exchange despite receiving a Barclays bank giro credit slip showing £64,645.39 and a Deposit Account Statement on an Excel file. 

I have to agree with TB. Also I have to wonder whether this escrow company doesn't come under the remit of The Financial Conduct Authority (FCA)? 

Update: 20th November 2016
Global Escrow Exchange has indeed come to the attention of the FCA, who issued a warning against this company on 16th September 2016.

FCA: 
'We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.' 16.9.16

You have been warned!

    

 

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.