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.
  

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

 

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/'

Bordeaux Fine Wines Ltd – appointment of liquidator

It seems very likely that Bordeaux Fine Wines Ltd will be put into full liquidation on 26th February 2014 when the Insolvency Service's petition is due to be heard in the High Court.

I am happy to put up the following message from Grant Thornton UK LLP, who have been asked to act as liquidators with David Ingram, acting as liquidator, if the provisional liquidation is confirmed. 

I am also prepared to put up similar notices from any other companies wishing to be appointed as liquidators to Bordeaux Fine Wines Ltd.

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Message from Grant Thornton to creditors of Bordeaux Fine Wines Ltd:

URGENT ACTION REQUIREDBordeaux Fine Wines Ltd (“BFW”), a company that sold wine to investors, was put into provisional liquidation by the High Court in the public interest on 19 December 2013, following an investigation by the Insolvency Service.

The Official Receiver is acting as provisional liquidator with a hearing set for 26 February 2014 to place the company into formal compulsory liquidation. It is at 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 BFW be placed into liquidation at the hearing HMRC wish to request David Ingram, who is a partner in The Fraud Insolvency Division (FInD) at Grant Thornton UK LLP, to act as Liquidator.

Should you be a creditor having previously purchased wine through BFW and wish to know how Grant Thornton UK LLP can represent your 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/

Bordeaux Fine Wines Ltd: in provisional liquidation in public interest

Press release from the Insolvency Service:

'Bordeaux Fine Wines Ltd (“BFW”), a company that sold wine to investors, was put into provisional liquidation by the High Court in the public interest on 19 December 2013, following an investigation by the Insolvency Service.

BFW, based in Croydon, South West London sold fine wines, mostly from the Bordeaux region to customers as an investment, cold calling potential customers. The order follows a petition on behalf of the Secretary of State for Business, Innovation and Skills.

The Official Receiver has been appointed provisional liquidator of BFW. The role of the provisional liquidator is to protect assets in the possession or under the control of the company pending the determination of the petition.

The provisional liquidator also has the power to investigate the affairs of the company insofar as it is necessary to protect the assets including any third party or trust money or assets in the possession or under the control of the company.

The case is now subject to High Court action and no further information will be made available until the hearing of the petition which is due to be heard in the High Court on 26 February 2014. 

Notes to Editors

1. The registered office of Bordeaux Fine Wines Ltd is Imperial House, North Street, Bromley, Kent BR1 1SD. It was incorporated on 18^th September 2008.
2. The petition was presented under s124A of the Insolvency Act 1986. The Official Receiver was appointed as Provisional Liquidator of the company on 19^h December 2013. 

All public enquiries concerning the affairs of the company should be made to: Stuart Tatham, Public Interest Unit, 4 Abbey Orchard Street, London SW1P 2HT or e-mail: PIU.OR@insolvency.gsi.gov.uk' 

The sole director of Bordeaux Fine Wines Ltd is 30-year-old Kenneth Gundlach. Gundlach is also a director of Invest in Storage Ltd (appointed 4.10.12), Capital Wealth Venture Ltd (app: 4.1.2013), Hunter & Reynolds Ltd (app: 7.2.13), Sales Recruit UK Ltd (7.2.13), Driving Made Simple (app: 4.4.13) and Bordeaux Merchants Ltd (app: 29.5.13).   

Ken Gundlach is closing several of his companies: Bordeaux Merchants, Hunter & Reynolds and Invest in Storage are down for voluntary strike-off with the first gazettes published on 5.11.2013. Dmlg has changed its name to Sales Recruit Ltd  – its website is currently 'undergoing urgent maintenance'.

In 2012 Bordeaux Fine Wines Ltd sponsored the Race Owners Association's (ROA) Horseracing Awards. 
 

http://www.racehorseowners.net/en/events/index.cfm/2012awards