Insolvent firm's stock of £35-a-bottle bubbly

by DOUG COLLIE

With a combined estimated deficit of more than £20 million there appeared to be no cash to spare for management luxuries at struggling and insolvent Omega Infinite PLC and Orrdone Farms Ltd, part of the Avocet group of 'disruptive technology' businesses.

But now details of an incredible stash of top-of-the-range champagne, hundreds of bottles of wine and 120 bottles of spirits, stored at the company's Berwickshire HQ, have emerged as part of an inventory of 'stolen' goods drawn up by Avocet chairman Martin Frost.

The disclosure has sparked anger and disbelief among shareholders with claims the seven-year Avocet operation has been run for the sole benefit of the directors. Omega is in compulsory liquidation while Orrdone is in the hands of an administrator.

Mr Frost, in a communication sent to hundreds of Avocet investors, wrote: "In Harcarse’s back kitchen there was an expensive electronic wine cellar which contained over 120 bottles of fine wine belonging to me - some £4,000 in total. 

"In three other fridges there were 48 bottles of champagne belonging to Omega at some £35 per bottle – some £1,700: in addition, there were 500 bottles of general wine belonging to Omega costing on average £8 per bottle – some £4,000. Finally, there were some 120 bottles of spirits belonging to Omega costing on average £25 per bottle, some £3,000. Such does not include over 1,000 cans of mixers etc."

Harcarse Hill farmhouse was the location for Avocet's agricultural activities and was also set to become a demonstration and conference centre as part of plans which have yet to be implemented.

According to Mr Frost the entire contents of the Harcarse cellar have been stolen. His correspondence goes on to identify those he alleges removed the drinks cache together with hundreds of thousands of pounds worth of other items, including articles owned by the Frost family. The total loss, says Mr Frost, adds up to £11 million as a result of theft and damage.

The vast inventory includes entries for decommissioned hand grenades, weapons and Titanic memorabilia. An extensive collection of machinery, jewellery, rare books and £10,000+ in cash have all gone, Mr Frost claims.

However, the revelations have failed to impress at least some investors who still await a return for their money, and who have consistently criticised the conduct of Avocet directors.

A contributor to the online independent Avocet shareholders' forum writes: "A quick review [of Mr Frost's inventory] shows the amazing breath (sic) of goods that apparently are necessary to operate an innovative start-up disruptive technologies company.

"One is immediately struck both by how much alcohol was required for Avocet’s successful operation, and the important role that more than £3 million worth of 'books and artifacts' played, to say nothing of two sets of antique Encyclopaedias Britannica!

"And of course, what modern day advanced technology company is without weapons? He [ Mr Frost] apparently has absolutely no idea how bad this disclosure makes him look! He really does consider Avocet to be his own personal piggy bank, and the shareholders’ money his to do with as he pleases."

One of the more unusual items on the list of property said to have been stolen from Harcarse Hill is valued at over £200,000. The entry states: "Dressed meat stocks in outbuildings (52 Piemontese @ £4000 per carcass) £208.000".

Here are some of the other items from the inventory:

Drinks loss to Frost - £4,000; Food loss to Frost - £1,500; Personal mementos - £50,000; Personal computers - £4,000; Personal papers & computer material - £100,000; unused children’s computers + children’s toys - £2,000

Unused grandchildren’s Christmas presents - £500; Clothes – damaged - £40,000; Clothes – stolen these largely consist of designer cloths - £30,000; Personal bedding loss – bed & mattress, sheets etc. - £6,000;  Personal tools - £1,000; Personal jewelry (sic) - £8,000; Personal medicines - £100; Riding equipment & personal belongings - £9,000; Cash - £10,000+ (including book safe); Curtains & personal wall coverings - £6,000.

A recent progress report from Omega Infinite liquidators Begbies Traynor showed creditors of the company were claiming £20.9 million with no receipts during the period covered by the report - April 2020 to April 2021.

In a section headed 'Alleged theft of company assets' the report stated: "We are currently liaising with the police and the former directors regarding an alleged theft relating to company assets, and the insurance position of the same.

"We are in the process of compiling a schedule of assets with a view to establishing ownership, and arranging collection and disposal of same. This task has been protracted due to the lack of records regarding the Company's assets and ambiguity regarding ownership. A painting recovered from the Company's accountant was being held as collateral for unpaid fees".