\u00a0<\/p>\n
wine-searcher is the world’s largest search engine for finding wines and where you can buy them, so having your list removed is significant.\u00a0\u00a0<\/p>\n
18th November 2021: Change to sum owed to Museum Wines. See section on Ben Revell’s Statement of Affairs. <\/p>\n
On 1st April 2021 (April Fools Day) the recently created (8th March 2021) Wine Buyers Group Ltd acquired the website of Winebuyers Ltd for \u00a3145,000, which was agreed at a meeting of creditors two days before had passed a resolution that the company should be wound up. A Statement of Affairs, signed by Ben Revell, director, shows that Winebuyers Ltd has a deficiency of \u00a31,548712.07. How fortunate that Winebuyers Group Ltd with a new director \u2013 Kyle Fordham (who?) \u2013\u00a0 has been able to rise gracefully unencumbered by the \u00a31.548 million debt owed to trade creditors….!\u00a0 <\/p>\n \u00a0<\/b><\/p>\n \u00a0<\/b><\/p>\n Winebuyers Ltd The company name was changed to Winebuyers Ltd on 18.9.2017. By April 2018 Winebuyers Ltd had successfully raised \u00a3568,870 through Crowdcube Capital Ltd:<\/p>\n Crowdfunding through Crowdcube<\/b>: \u00a0 <\/p>\n Winebuyers Pitch through Crowdcube:’<\/b><\/p>\n ‘Winebuyers \u00a0<\/span><\/p>\n ‘Idea<\/span><\/span><\/b><\/b><\/p>\n Our We We are \u00a0<\/span><\/span><\/span>We Members We Over We \u00a0<\/p>\n One would expect Winebuyers Ltd’ pitch for funding to be very positive. Unfortunately Winebuyers Ltd’s accounts told a rather different story<\/b>. The company only made a profit in its first year of operation (accounts to 31.10.16) \u2013 \u00a33159 in its profit and loss account filed 27.6.17. Thereafter it was a case of escalating losses:<\/p>\n Accounts to 31.10.17 \u2013 (\u00a362,827) in its profit and loss account filed 27.11.17. On 7th January 2019 three new directors were appointed: Frederic Billet (French, DOB: 9.1970 \u2013 hotelier), Mehrdad Amir-Mokri (Austrian, DOB: 4.1967 \u2013 investment professional) and Santiago Barbat (Portuguese, DOB: 10.1981 \u2013 Head of Development).\u00a0 Amir-Mokri resigned as director on 10th October 2019 and Barbat resigned on 10th December 2019).\u00a0 <\/p>\n By 2019 there were the first rumours of suppliers not being paid. This accelerated in 2020 into early 2021. Also numerous Trustpilot reviews showed that customers were not get the wines they had ordered. On 25th February 2021 The Drinks Business<\/i> reported that Winebuyers Ltd had six County Court judgments against it totaling \u00a342,384.\u00a0 Winebuyers Ltd continued to list wines that they knew they couldn’t supply as merchants\/suppliers had ceased to work with them. See blog post from Master of Malt below.\u00a0<\/p>\n Despite Winebuyers Ltd parlous state they continued to promote their wines on Twitter <\/b>during 2021 probably aware that they were unlikely to be able to fulfill orders:<\/p>\n <\/p>\n <\/p>\n \u00a0<\/p>\n <\/p>\n <\/p>\n \u00a0<\/p>\n 30th April 2021: Creditors’ Resolution to wind up Winebuyers Ltd and liquidator appointed. Ben Revell’s Statement of Affairs 23rd March 2021<\/b> Trade creditors Knotel UK Ltd: \u00a3244,282 H & H Fine Wines: \u00a3120,018\u00a0<\/p>\n Enotria & Coe: \u00a396,643.82<\/p>\n Blueshift Labs Inc (San Francisco): \u00a333,118. Barclays (Hammersmith): \u00a377,930<\/p>\n decantalo (Barcelona): \u00a370,592 <\/p>\n Great Wines Direct: \u00a364,863 <\/p>\n WeWork: New York\u00a0 \u00a346,708\u00a0 Atom Group (owns of Master of Malt): \u00a335,725\u00a0<\/p>\n Affiliate Gateway (Haywards Heath): \u00a333,224 Stature PR Co (London): \u00a325,116 <\/p>\n Museum Wines: \u00a315,813\u00a0 * Honest Grapes: \u00a315,298 <\/p>\n Petersham Cellar: \u00a315,200<\/p>\n Latin-wines-online: \u00a315,112.77<\/p>\n Other creditors?<\/b> \u00a0<\/p>\n These shareholders may well be more than interested that the Financial Ombudsman in May 2021 upheld a complaint <\/a>from someone who invested in a company through Crowdcube Capital Ltd.\u00a0 Part of the Ombudsman’s decision is given below. <\/p>\n ‘As explained \u00a0<\/span><\/span><\/span><\/span><\/span>my final <\/span><\/p>\n Ben Waites <\/span> Press coverage: \u00a0<\/p>\n Sky News Ian King live https:\/\/www.youtube.com\/watch?v=LlbSJvn9GUM <\/a><\/p>\n \u00a0Financial Times: September 9th 2020<\/p>\n If Revell is ‘still in the business’ in 10 years times, how many times will an incarnation of Winebuyers risen from the ashes?\u00a0\u00a0<\/p>\n Negative press: An early warning came from an <\/span>excoriating<\/span><\/span><\/span> blog post <\/a>(10.2.2021) by Master of Malt, a supplier to Winebuyers Ltd, who started having payment issues with Ben Revell as early as 2019. Master of Malt took legal action to try to get payment.<\/span><\/p>\n The drinks business is an amazing Very occasionally someone comes into We, therefore, feel an obligation to warn others in the industry about Ben Revell, Founder and CEO of Winebuyers.com.’<\/span><\/p>\n ** <\/span><\/b> ‘<\/span>We find Mr. Revell\u2019s conduct to be Read the rest blog post here<\/a>. \u00a0<\/span><\/span><\/p>\n The Drinks Business 5th February 2021<\/span><\/span><\/i><\/p>\n \u00a0<\/span><\/span><\/p>\n \u00a0<\/b><\/span><\/span><\/p>\n Trustpilot Reviews\u00a0 Reviews of Winebuyers Ltd are very polarised: either they are ‘excellent’ or ‘bad’ as this analysis of the reviews shows.<\/p>\n Bad reviews dominated between January – March 2021\u00a0 <\/p>\n <\/p>\n
<\/b><\/p>\n![](\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgPuP0sCVp2ML4DDB5zUczCKeoO7Aqx1WAF4MsO9HnO-vzfdXL6IxALXIaPxYXvB_d8w9JNeW9qwu_Ad2MAAH-RC8URwx-0MkfjLPAZCCpzTqxu9XU2O28I8fgKy7EzluGHDygOQENpHhg\/s1354\/April+29th+-+get+away+with+it...jpeg\")
<\/a><\/b><\/div>\n<\/a><\/div>\n
<\/b>The company started life as LX Management Ltd on 8th October 2015 with Benjamin Allan Edward Revell (DOB: 2.12.1988) as the sole director with a service address at a semi-detached house in Harlow, Essex. Share capital was a single \u00a31 share held by Ben Revell \u2013 occupation retail manager.\u00a0<\/p>\n<\/a><\/div>\n<\/a><\/div>\n
\nconnects vineyards and wine merchants directly to the end consumer, cutting out
\nthe middleman and enabling customers to purchase directly from source for no
\nextra fee. Custom API’s automate the process, currently pulling 27,000 bottles
\nand \u00a310.5m stock from 183 vendors in 38 countries.’<\/span><\/p>\n
\naim at Winebuyers is simple: bring wine into the 21st century.<\/span><\/span><\/p>\n
\nconnect vineyards and wine merchants directly to the end consumer through our
\ne-commerce platform.<\/span><\/span><\/p>\n
\ncustomer focused, working on a completely transparent model, we don\u2019t mark up prices or charge commission on any item sold.
\nWe cut out the middleman, enabling our members to buy wines at exactly the same
\nprice as they would from the vendors themselves.<\/span><\/span><\/span><\/p>\n
\nobtain our revenue from charging vineyards and wine merchants a monthly subscription fee to be listed on the site. This
\nmodel is new to the industry, giving smaller vineyards and sellers the
\nopportunity to reach audiences they otherwise could not.<\/span><\/span><\/span><\/p>\n
\nin turn can purchase directly from the source with no additional fees. Without the overheads associated with holding stock,
\nwe can afford to work on a PCM subscription basis providing a mutually
\nbeneficial relationship to all involved.<\/span><\/span><\/span><\/p>\n
\ncurrently offer over 27,000 different wines from 183 vendors representing 38
\ncountries who together have a total stock value of
\nover \u00a310.5m. Loans exist.<\/span><\/span><\/span><\/p>\n
\n\u00a3180k was committed to R&D work alone in 2016 and 2017, which has laid the
\nfoundations for the business model. There are currently 150,000 different
\nwinemakers globally, providing ideal scope for
\nexpansion.<\/span><\/span><\/span><\/p>\n
\nwant wine from all over the world to be accessible to everyone who\u2019s as
\npassionate about wine as we are.’<\/span><\/span><\/p>\n\n
\n from 183 vendors<\/span><\/span><\/li>\n
\n already registered<\/span><\/span><\/li>\n
\n costs on all sides’ <\/span><\/span><\/li>\n<\/ul>\n
Accounts to 31.10.18 \u2013 (\u00a3515,262) in its profit and loss account filed 25.7.19
Accounts to 31.10.19 \u2013 (1,297,450) in its profit and loss account filed 30.10.20<\/p>\nThree new directors:
<\/h3>\n<\/a><\/div>\n<\/a><\/div>\n<\/a><\/div>\n<\/a><\/div>\n<\/a><\/div>\n<\/a><\/div>\n
Liquidators: Andrew Pear and Michael Solomons, BM Advisory <\/a>Tel: 020-7549 8050.
Insolvency practitioners are required to report on matters of concern. I imagine Andrew Pear and Michael Solomons will want to establish whether Winebuyers Ltd continued to trade while insolvent<\/b>.
31st April 2021: Creditors\/ liquidation committee established.
<\/b>Members in addition to the two liquidators:
<\/b>Delantalo Vinos SL, Atom Supplies Ltd (Master of Malt), Awin Barrett Siegel Wine Agencies LLP, Enotria Wine Cellars Ltd and Great Wines Ltd. <\/p>\n
The estimated total assets for preferential creditors is \u00a3148,500. Sums owing to preferential creditors are for employees and former employees (\u00a325,798.81) and HMRC \u00a330410.06 leaving \u00a392,291.13 for unsecured creditors. The estimated deficiency for unsecurred creditors is \u00a31,641,001.93 less \u00a392,291, so an estimated deficiency of \u00a31,548,710.80. In practice a considerable part of the \u00a392,291.13 will be swallowed up by the costs of the liquidation, so unsecured creditors will get back a minimal amount at best. <\/span><\/span><\/p>\n
<\/b>The list of company creditors runs to eight pages with a further 11 pages giving details of shareholders. Prominent among the trade creditors are: <\/p>\n
(‘tailoring workspaces to the unique needs of established and growing
\ncompanies. From space to services, we give companies the freedom and
\nflexibility to grow and adapt to today\u2019s ever-evolving workplace
\ndemands.’)<\/p>\n
‘Discover how you can intelligently collect, unify, and access a
\n360-degree view of each customer and start delivering truly connected
\nomnichannel experiences.’<\/p>\n
‘flexible work spaces’<\/p>\n
‘We\u2019re specialists in performance marketing with a wealth of experience in retail, travel, insurance and finance.’
‘Go beyond the expected’… unfortunately came true for this marketing company to the tune of \u00a333,224!
<\/span><\/span><\/p>\n
Update \u2013 18\/11\/21 <\/span>
<\/span><\/b>Museum Wines submitted a claim for \u00a325,338.34 <\/span><\/span>rather more than WineBuyers Mark 1 admitted (\u00a315,813).\u00a0 \u2013 a court found in Musuem Wines favour and they have a judgment against WineBuyers Mark1 for this sum. This figure includes the monthly subscription fee dating back to the last time WineBuyers paid Museum Wines on time (May 2020) since WineBuyers were in breach of contract and thus Museum Wines wre not obliged to pay this fee. Also included was a promotion that WineBuyers ran offering free shipping without Museum Wines’ authoristion, so the P&p costs for the 50 cases sold.\u00a0 \u00a0 <\/span><\/span>
<\/span><\/span><\/span><\/p>\n
There are only trade creditors listed in Ben Revell’s of Affairs Statement, so mention of customers who ordered wine and have received nothing part from broken promises as a number of reviews on Trustpilot show. Those who crowdfunded Winebuyers to at least \u00a3568,870 will also be out of pocket \u2013 the Statement of Affairs. Thus the losses racked up by Revell’s Winebuyers Ltd \u2013 trade creditors plus shareholders is in the region of \u00a32,210 million with an unknown number of customers would didn’t get the goods they ordered.\u00a0 <\/p>\n<\/a><\/b> <\/p>\n
\nin my provisional decision – given the generally higher risk nature of these
\ninvestments, and the likelihood that these companies might fail, I consider
\nthere was an equal chance he may have lost some or all of his investment had he
\ninvested in another crowdfunding opportunity other
\nthan in Company A. I acknowledge that he might also have made a return. But
\nwithout the benefit of hindsight, it simply isn\u2019t possible for me to fairly
\nestablish what return he would likely have made, if any. For these reasons, I consider that fair and reasonable
\ncompensation be a return of Mr S\u2019s initial investment, subject to the deduction
\nof any tax relief that he claimed at that time.<\/span><\/span><\/span><\/span><\/span><\/p>\n
\ndecision <\/b><\/span><\/span><\/span>
For the reasons given above, I uphold this
\ncomplaint and direct Crowdcube Capital Limited to put things right as set out
\nabove. Under the rules of the Financial Ombudsman Service, I\u2019m required to ask
\nMr S to accept or reject my decision before 12 April 2021.’<\/span><\/span><\/span><\/span><\/span><\/p>\n
\n
Ombudsman<\/span><\/span><\/span><\/p>\n
https:\/\/www.financial-ombudsman.org.uk\/files\/301390\/DRN7590473.pdf\u00a0 <\/span><\/p>\n
Positive: <\/i>\u00a0
<\/b>Unfortunately Ben Revell managed to get some uncritical press coverage. Here are some examples:<\/p>\n<\/a><\/div>\n<\/a><\/div>\n<\/a><\/div>\n
<\/b><\/span><\/p>\n<\/a><\/span><\/div>\n
‘<\/b><\/span>Online order aggregator Winebuyers stopped paying suppliers
\nin full in 2019, and has since racked up substantial debts as it failed
\nto pay its suppliers for goods and services provided in good faith.<\/b><\/p>\n
\nindustry to work in, filled with brilliant people and exciting,
\ninnovative businesses.\u00a0 It\u2019s an incredibly small, tight-knit community
\nwhere everyone knows everyone, and as a result, the standard of conduct
\nand honesty is very high.<\/span><\/p>\n
\nthe industry who doesn\u2019t appreciate and respect these bonds of trust,
\nand when that happens we feel a responsibility to let others know how
\nbadly they\u2019ve behaved so they don\u2019t get burned as we have been.<\/span><\/p>\n
<\/span><\/p>\n
\nutterly shameful, reprehensible and quite possibly criminal, and believe
\n his future victims have a right to know how he conducts himself before
\nentering into a business relationship with him.’<\/span> <\/span><\/p>\n
<\/span><\/p>\n
Fortunately there were other less gushing, more critical journalists mainly in the drinks trade press:\u00a0<\/span><\/b><\/span><\/p>\n<\/a><\/span><\/span><\/div>\n<\/a><\/span><\/span><\/div>\n
<\/span><\/span><\/div>\n<\/a><\/b><\/span><\/div>\n<\/a><\/b><\/span><\/span><\/p>\n<\/a><\/b>
<\/b><\/span><\/span><\/p>\n
<\/b><\/span><\/span><\/p>\n<\/a><\/div>\n