Premier Cru Collapse
If you are following the wine investment market and keeping a close eye on the latest news, you will have heard that Premier Cru Fine Wines Investments Ltd has ceased trading due to one of the directors having a serious illness.
Premier Cru Collapse Stuns Wine Investment Community
Founded in 1995, Premier Cru was one of the UK’s oldest and most established wine investment companies. Therefore when the news broke that the company was to collapse, the wine community was left stunned.
Transfer of Portfolios
The stricken company informed all customers that their wine portfolio could be transferred to rival firm Cult Wines Ltd. For a customer to move their portfolio to Cult Wines would cost them 5% in management fees for the first two years. This is a significant increase compared to Premier Cru who charged 1.75%.
Some clients were informed by Premier Cru that there was an ‘unknown shortfall’ in their portfolio. One investor said his wines were shipped to Asia early this year without his acknowledgement.
Premier Cru has offered to top accounts up with a Bordeaux 2013 en primeur wine as customer compensation. But the missing wines are thought to be more acclaimed wines like vintages 2009.
Customers of Premier Cru are upset and feel like they have no other option than to transfer their portfolio to Cult Wines Ltd. But there are other alternatives; you can transfer your wine portfolio to Sure Wine at a yearly charge of just 0.5%.
Low Management Fees from Sure Wine
This means that an ex-Premier Cru customer with a wine portfolio worth £200,000 will have a yearly management fee of just £1000 at Sure Wine. This same portfolio would have a management fee of a whooping £10,000 with Cult Wines Ltd.
That’s not all – if your wine portfolio is over £1 million Sure Wines management fee is just 0.25%! So, if you are interested in transferring your wine portfolio to Sure Wines don’t delay and get in touch today!