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