MORGAN CHANTEL GONE BUST
By Jim Budd
One of the longest-running companies specialising in over-priced wine investments, Morgan Chantel, went bust on 26 May. The company owes 112,472 to some 650 creditors. Harpers understands that many of the creditors are the investors, who now find that their five years' storage and insurance had not been fully paid up by the company. (Customarily insurance can only be arranged one year at a time.) Apparently there are no unfulfilled orders. The company was set up in April 1998 and traded from 11 Waterloo Place, Pall Mall, London SW1Y 4AU. Although Morgan Chantel tended to operate on a mark-up of 40-70%, the business was ultimately not viable. This may indicate that the public is at last becoming wary of wine investment scams.
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