Fine wines business backed by City grandee Michael Spencer toasts record profits after sales rise to £132m
A fine wines business backed by City grandee Michael Spencer has toasted record profits after sales rose to £132million.
New documents for Bordeaux Index, which sells rare vintages through an online trading platform, has revealed pre-tax profit increased by 122 per cent in 2021 to £5.9million.
It paid a £1.8million dividend to shareholders for the year, up from £1.1million in 2020.
Raising a glass: New documents for Bordeaux Index has revealed pre-tax profit increased by 122 per cent in 2021 to £5.9million
Lord Spencer, 67, founder of Icap and Nex Group, owns around a fifth of the firm, which has eight directors.
It sells rare wines and spirits to around 10,000 ultra-high net worth customers around the world.
Top clients spend as much as £3million a year. A bottle of 55-year-old Yamazaki Japanese whisky is listed for sale at £500,000 and a case of six bottles of Romanee-Conti burgundy costs more than £200,000.
The firm’s investment director, Michael O’Connell, said ‘blue-chip’ vintages ‘are inflation-resistant assets’.
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