APW Asset Management Ltd, which claims to manage £25m-worth of fine wine for clients, is set to become the latest wine investment company to go into liquidation in the UK.
A letter sent to clients and dated 10 February said that Quantuma, the company that has been managing APW Asset Management’s day-to-day affairs since late last year, has decided to place the wine investment group in voluntary liquidation.
The move follows news that wine storage firm London City Bond had frozen APW Asset Management’s account, because of overdue charges.
Several wine investment firms have collapsed in the UK in the past couple of years.
It is not known exactly how many clients APW has on its books or the value of its stock, but the firm claims on its website to be managing wine stocks worth an estimated £25m, with ‘over 2,000 UK customer portfolios’.
‘We are aware of a substantial stock of wine held at a bonded warehouse that relates to the company’s operations and we have received assurances from the warehouse owner that the stock is secure and insured,’ said Quantuma in its letter to creditors. A meeting for creditors has been scheduled for 5 March.
Quantuma added that no wine would be released until liquidators have completed an investigation.
APW Asset Management Ltd was set up in December 2002. It was originally called Australian Liquid Assets Ltd, changing its name to Australian Portfolio Wines (UK) Ltd in early 2003. In early 2013 the company name was changed APW Asset Management.
Written by Jim Budd and Chris Mercer