Fine wine business backed by City great Michael Spencer posts record profits after sales hit £132million
A fine wine business backed by City great Michael Spencer has made record profits after sales hit £132million.
New documents for Bordeaux Index, which sells rare vintages via an online trading platform, have revealed pre-tax profit rose 122% in 2021 to £5.9million.
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 profit rose 122% in 2021 to £5.9m
Lord Spencer, 67, founder of Icap and Nex Group, owns around a fifth of the company, which has eight directors.
It sells rare wines and spirits to around 10,000 very wealthy customers around the world.
The best customers spend up to £3m a year. A bottle of 55-year-old Yamazaki Japanese whiskey is on sale for £500,000 and a six-bottle case of Romanee-Conti Burgundy costs over £200,000.
The company’s chief investment officer, Michael O’Connell, said “prime” vintages “are inflation-proof assets.”