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APW accused of scamming wine investor
London-based wine investment company APW, formerly Australian Portfolio Wines, has been accused of scamming a client by paying him a 75% loss on wines that should have been in profit.
The company, which offers advice to clients on purchasing wine that they can later sell on for profit, was criticised by This Is Money, a financial advice website run by the Daily Mail, for reportedly paying back £1,107 to an investor who paid out £4,703 on wines that they recommended.
According to the website, the collection of wines purchased by the unnamed client – which included bottles of Two Hands Ares Shiraz – were valued at over £5,000, meaning he should have received a £300 profit when he instructed APW to sell.
“The company replied with a bill for £163 for storage for the whole amount despite having already sold part of my holding, which had not been declared to me,” the client said.
“With storage charges, I would soon be owing money, so in 2013 I again requested that the entire holding be sold. In 2014, I wrote again and telephoned, but my calls were not returned.”
Damien Dawson, the company’s head of operations, told This Is Money that an email had been sent in 2012 requesting permission to pass the client’s details to an unnamed third party to sell on the collection of wine, but he claims he received no reply. An offer was then received in 2013 for the bottles of Two Hands Ares Shiraz.
Dawson is quoted as saying: “Although funds for the sale of [the client’s] wines have not been received, APW Asset Management is looking to send payment for the full balance to finalise his account.”
However, the only payment the client has so far received is a cheque for £1,107 – considerably less than the £5,000 valuation. Reportedly, the cheque was also returned unpaid. It took more than a month for APW to issue a good cheque, according to the site.
This Is Money also accuses several senior figures in the company of links to fraudulent schemes, and calls one Spencer Pibworth, apparently in charge of setting up the Australian arm of the company, a “professional wallet-thinner”.
The drinks business has requested a statement from APW, but one is yet to be received.
James Baker at Biddle and Webb in Birmingham have auctioned off wines held by APW clients. Maybe worth getting in touch for advice. email wine@biddleandwebb.com
I have been told that APW Asset Management is about to go into liquidation, if this is so what happens to our wine/investments? Bear in mind we have certification of ownership for the wine.
APW have given me nothing but very poor service & I am now extremely worried that the money I have put away for retirement will vastly reduce or even disappear!
I would love to hear from anyone else in my shoes.
I payed out for a five year investment whid cost me £30000 after 4yrs I asked apw to sell all my wines after 5yrs they managed to sell about £10000 of my wine. these were my most expensive wines. I was then left with the rest of my wines stored in Glasgow which I thought was being stored in Burton.as after 5yrs I was being charged for storage at a round about £1200 per year I decide I had to sell my wines at a great loss on bid for wine.£20000 of wine sold for £5000.the guy who sold them to me left the company.
I thought APW had gone into administration last week, maybe that is why no statement has been received from them!
I have had the same problem with APW. I instructed them 2 years ago to sell wine and only got excuses as why they could not sell. They told me in July that McTears Auctioneers would be selling my wine, when I contacted them they told me that they had problems in the past with APW after they has sold wine for a client, held by APW. APW would not release the wine. I have sine discovered that APW demanded a £2000 fee be paid before they would release wine. I have today been in contact with the Insolvency Service and APW have not registered. Quantuma, Marlow Buck, Tel: 01628478100 are waiting a court order to be engaged as Administrators. If you have not contacted them, register your interest now. I have also been told that LBS Hillingdon is owed storage charges. I have also contacted Trading Standards Institution, they need evidence that AWP did not act with due diligence. If enough people contact them they may take some action, if only to stop this happening again.
This is a sickening situation. there are approx. 600 investers who are effected by this probable scam.
Perhapse we as investers should form a group to tackle this.
Further down the line. Where is the regulation on these companies who are mis-selling these assets just like ppi.
I asked the same question of Trading standards, the mis-selling, they said that it had to be proved to be negligent!!!!. how obvious is it that this is what they have been doing. As I said in my comment above, contact Trading standards and write to APW head office. Keep Trading standards informed, hopefully they my take action if enough investors contact them. What’s happening now? anyone know?
This is a scam and has been going on for years. I doubt very much that there is any wine to sell. If you’ve invested in this, its likely that all you will ever have received is some form of share certificate which is completely worthless. The wine doesn’t exist. Australian Portfolio Wines as this firm was previously known was set up as a boiler room scam by some of the most well know drinks investment conmen in the business in Sydney years ago, when the scam gets too hot these guys just pack up, ship out and start up again under a different name in a different part of the world.
Sorry to be the bearer of bad news and I wish you luck in managing to recover any losses.
For up to date information regarding the current position of APW please contact James Baker, his email is wine@biddleandwebb.com
We have been dealing with APW and their clients for a number of years and are in contact with both LCB and the proposed administrator on behalf of a number of clients who have stock with APW. I am happy to provide further details to affected parties – lionel@bidforwine.co.uk.
It looks likely that APW will go into admin this week. I have had holding correspondence from Quantuma who said they will advise customers once this is obtained. My experience has been similar to Paul Heath – poor support and difficult to get them to sell any wine. I understand the wine does actually exist at LCB – the question is will we ever get hold of it.
Quantuma are being very cagey, they are obviously only interested in their commission for completing the Administration? I have been approached by UK Agora who tell me they can get my wine out of LCB before the Administration takes effect and then AFTER I buy wine through them, sell my APW holding? Any comments?
From the “boiler room” scam to the “recovery room scam” .Don’t fall for investing in more worthless wines,no doubt you were contacted by a certain APW ex employee. A Fraud reference exist :NFRC150100909947 with regard to APW.
Investors need to contact the action fraud to register there complaint.I expect more costs will prevail in order to release the wines eventually,Many will just walk away from there wines.
My experience is similar to ones published and have been trying to cash in my investment for several years. Little success.
I had a very interesting telephone conversation with David Hogg, LCB London, today. He confirms that APW owe them substantial amounts of un paid cellar charges and these would have to be paid by the administrators (Quantuma) or us the investors/victims before the wine will be realised. The wine is there and it has been frozen by LCB. They have the right to do that under their terms and conditions. The cost of storage LCB will charge will be at trade rates to APW victims, approx. 50p / bottle not the £2/bottle charged by APW. He is also very aware of the concerns of the investors and is willing to help with sales or moving into private ownership once everything has been sorted out by the administrators. Until this time there is little we can do other than keep Quantuma and LCB informed of your holdings as AWP’s administration is terrible. I have also registered a complain with Action Fraud. Please if you haven’t contacted them do it now to prevent another APW.
Paul
Thanks for the information on APW, I as many others, buy the looks of it, have been set up by this company. I have as you suggested been in touch with Quantuma and just fired off a email to LCB, and I will contact Action Fraud today. If you get any more information, please let me know.
Cheers
Dave Maddocks
I have sold off my entire portfolio through Stuart at The Vinorium – stuart@zandbvintners.com – The price I received for my portfolio from Stuart far exceeded anything an Auction House would have delivered (factoring in their commissions etc.) Stuart’s service was excellent and I received the funds the day the wine were transferred to his LCB account.
If I were you, I would get in touch with ASAP – before the creditors move in!
Good luck to you all…
Hi did you have wine with Apw if so how did you go about getting it from London City bond
For those wanting an idea of auction pricing http://www.dreweatts.com/cms/pages/lots/13835 gives results from a big sale on Monday. If the auction house is doing their job properly then they’ll have a big pool of private buyers who’ll pay more at auction than a merchant (who needs to make a 50/100% margin) will give you up front.
My investigation in full: http://www.thedrinksbusiness.com/2015/02/revealed-the-fine-wine-investment-company-apw-that-has-drained-millions-from-its-clients/
GOOD NEWS!!!!!!!!. A Winding up order has been granted by the court-“in the public interest” against APW.
I have been informed, today, that the court, yesterday, granted a “Winding up Order” in the public interest against APW. ReSolve , who had replace Quantuma, to act on behalf of APW have resigned, the directors’ of APW are no longer in control of the liquidation of the company. This is very good news. It means that Quantum can start the liquidation process, once formally appointed; this will involve a through audit of clients’ holdings against what is held by LCB to identify title and allow the transfer of wine into individual accounts. By retaining Quantuma, this will save 3 months of work already undertaken, that would have been lost if ReSolve had taken over. The other good news is that at the adjourned meeting of creditors held yesterday in High Wycombe, 20 attended. At that meeting I introduced Stuart McClosky of Z&B Vinorium base in Kent who I meet from these Tweets. Stuart outlined a rescue plan that he and his team are willing to undertake, firstly to assist Quantuma with the audit, using his own team with knowledge of the workings of LCB which can only assisting in speeding up the process and secondly to then assist creditor’s on an individual level, to advice on what they want to do with their wine. We are assured there is no fee. Quantuma and Stuart have been in contact to arrange a meeting for them to plan the rescue, and I assume a meeting of creditors’ will follow to update and vote on the proposal. Any further information please email Stuart at: stuart@zandbvinters.com
If you contact Stuart (stuart@zandbvintners.com) he can offer you advice on your wines, I am sure he will be able to help you.
UPDATE ON COMMENTS:
The decision has been taken to remove some comments that appeared beneath this article that made potentially libellous remarks about different wine management company and individual members of its senior management. This decision follows a request from the company concerned and legal advice was heeded.
Yours, The Drinks Business team.
im being told that a company called Barola asset management can sell the wine and get money back
how true is this ?