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 

Bordeaux Fine Wines Ltd in the UK High Court, London

IN THE HIGH COURT OF JUSTICE
CHANCERY DIVISION
COURT 10

Before MRS JUSTICE ROSE
Thursday, 19 December 2013
At half past 10

COMPANIES COURT

United Drug (UK) Holdings Ltd v Bilcare Singapore PTE Ltd & anr
Re A Company 8850/2013


TNO Renewables Ltd


Secretary of State for Business, Innovation & Skills v Bordeaux Fine Wines Ltd


Turnkey Estates Ltd v Moore

See here.

A petition to close the company in the public interest?

Sole director is 30-year-old Kenneth Gundlach

Is the Investors Chronicle corked?

Château Gazin, Pomerol

Today the Investors Chronicle, part of the Financial Times group, has published an article on wine investment entitled: 'Is wine investing corked?' Written by Mark Robinson, 'alternative asset investment expert for Investor’s Chronicle', it makes some good points including a strong warning to avoid cold callers. However, there is one gross inaccuracy when Robinson blames wine investment funds for the losses that too many investors have suffered: 

'Dwindling alternatives - the DIY option

Given that UK investors have lost upwards of £100m since 2008 due to the collapse of dozens of managed wine investment vehicles, we remain highly sceptical about the claims of many managers of wine funds. And we're not alone. In June, the UK Financial Conduct Authority (FCA) banned the promotion of wine funds and other alternative investments to the bulk of retail investors in the UK, while from 31 December fund managers running unit trusts will not be allowed to invest in wine funds and other alternative investments. And while we're certainly not suggesting that every wine investment scheme out there is badly administered, or is misleading with regard to expected rates of return, we believe that the bulk of retail investors would be best served by adopting a DIY approach to wine investment.'

I was contacted yesterday by Speed Communications, a PR company who work for The Investors Chronicle, and given sight of the article before it was published. Naturally I pointed out the inaccuracy about wine funds:

'Managed wine funds
The figure of £100 million lost does not relate to managed wine funds, which as you know come up some financial regulation. The £100 million is a quote from Nadim Ailyan of Abbots Fielding and refers cold calling companies offering cases of wine as an investment, examples would include Bordeaux UK, Nouveau World Wines etc. http://www.bbc.co.uk/news/business-17703269. The list continues to grow.'   

The estimated £100 million loss quoted in the article has come through scam, cold calling companies offering the DIY alternative. I hope the Investors Chronicle will correct this error.