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Monday, 24 August 2015

Intercontinental Wines Ltd – 'Proud Platinium Partner' but 15 years experience?

Proud Platinum Partner – Southampton Boat Show September 2015
'With over 15 years experience we have extensive 
knowledge of the fine wine market'

Intercontinental Wines Ltd was founded on 16th June 2011. Its sole director is 35-year-old David (Dave) Angel (DOB: 18.4.1980) of 58 Leigh Road, Hildenborough, Kent. Angel is also the sole shareholder – capital £1. The company has had several changes of registered offices and is now at Threefield House, Threefield Lane, Southampton S014 3LP. 

In its four years of existence Intercontinental Wines Ltd has had a somewhat checkered career: on 16th October 2012 and 23rd April 2013 notices of impending compulsory strike-off presumably were issued by Companies House – presumably for the failure to file annual returns. 

The last accounts to 30.4.2014 show net assets of £2281 with £437 cash in the bank. The accounts show a loan to Dave Angel of £47,521 with a balance of £10,887 to be repaid.

David Angel has been a director of two other companies: We Buy Any Ltd (founded 18.11.2011 – dissolved 4.8.2015) and Global Inventories Ltd (founded 10.6.2011 dissolved 22.1.2013). No annual returns or accounts were filed for either company. 

 Claim on Intercontinental Wines' website

Although documents filed with UK Companies House shows that Intercontinental Wines Ltd has little or no track record, the company's website (copyright 2015) claims 'A Track Record to Rely On' with 'over 15 years experience around the world of fine wine'    

'Welcome to the fine wine market 
We are passionate and committed with over 15 years experience around the world of fine wine.'

From the Intercontinental Wines Ltd's website   

I asked through Twitter about their 'over 15 years experience':

An 'explanation' of their 15 years experience and why 
Intercontinental Wines Ltd  

Not quite the answer I was looking for ....

'It came through managing & buying fine wine & spirits for fine dining restaurants & bars. Since late early 00's. After that sourcing wines for private buyers, Intercontinental Wines became a natural progression.' 

So far Intercontinental Wines Ltd has not been more specific about their experience prior to the company being formed in 2011.

1855 Classification confused with Appellation Contrôlée
Amazingly although Intercontinental Wines Ltd frequently claim 'over 15 years experience in the fine wine market' their website (copyright 2015) states that in 1855 the French set rules to limit production. That you can spend 15 years buying and selling fine wine and not know that the 1855 Bordeaux classification ranked the top Left Bank Bordeaux châteaux, while it was Appellation Controlée starting from 1936 that set limits on production is a remarkable achievement! 

'The market for investment wine has shown a steady increase over the last five years, with the emergence of China as leading economic superpower further fuelling its expansion.'

'Over recent years, the purchase of fine wine has increased on an unprecedented level. The ‘rules of trade’ set in place to protect the production of the leading export of the French in 1855 has kept this product limited in production and kept the desirability staggeringly high across the world.

This 1855 production rule has been the backbone to this market’s success. As the world has increased its desire, the production levels have not changed and this is reflected in the price, rising over 13% per year on average.'

No reply yet to this question

Intercontinental Wines Ltd has failed to realise that the boom in fine wine, especially Bordeaux, which was in part fuelled by demand from China came to a halt and that the last three years has been a bear market. For example wine-searcher shows that a case (12 bottles) of 2008 Lafite-Rothschild would have cost from £12,850 on 15th June 2008 and now can be bought for £5325 a case. Not a great investment!  

'Excited to see some clients through 

You have to wonder how fitted Intercontinental Wines Ltd to give advice to visitors to the Southampton Boat Show, who see that Intercontinental are Platinum Partners to the show and seek wine investment advice from them.  

Update: 25th August 2015
Following yesterday's post Intercontinental Wines Ltd's website has been amended removing the reference to 1855, which wrongly claimed that production limits were set then. 

Intercontinental Wines Ltd continue to claim that profits on wine are free of capital gains tax. This is incorrect – HMRC state that certain long lived wines are subject to CGT. 

'Always seek professional advice for all tax implications relevant to your own account and holdings. Intercontinental Wines Ltd are not financial advisers and take all duty of care to quote and references from reputable sources.'

Curiously Intercontinental Wines Ltd's 'all duty of care' doesn't appear to include HMRC as a 'reputable' source.....

Intercontinental's Terms & Conditions makes no mention of the right to cancellation as set out in the 2013 Consumer Contracts legislation.



1 comment:

  1. Great stuff Jim, as usual you go where others fear to tread. Clearly the Southampton area continues to be a hotbed of crooks and conmen (allegedly)!