Spencer toasts best turnover since 2011 at wine merchant BI
A WINE and spirits merchants chaired by City tycoon Michael Spencer has seen sales hit a seven-year high thanks to strong demand for champagne.
Turnover at BI Fine Wine & Spirits has risen 6pc to £51m for the half year, the company’s best performance since 2011. Champagne and US wines underpinned the sales jump, climbing 18pc and 96pc respectively.
The bestseller during the period was the Haut Brion 2015 Bordeaux, followed by the Bollinger R.D. 2004 Champagne, and the Cristal 2009, Louis Roederer Champagne.
Gary Boom, managing director, said Bordeaux was the “go-to region”, as mature wines drove the market.
“The continued growth of interest in champagne is extremely satisfying.
“We’ve long believed that champagne is not only a brilliant wine to drink but actually fantastic value compared to other wine regions. Asia was initially reluctant to engage with this market, preferring red wine, but the revolution is certainly coming.”
Asian buyers now account for 40pc of BI’S overall sales, while UK and European buyers make up 50pc, and USA and the rest of world count for 10pc.
Sales through Livetrade – a rare wine investment platform – grew by 12pc to £20m.
Twelve bottles of the 1989 Haut Brion delivered the best return between January and June, recording investment growth of 29pc to £24,000. Californian vintages spanning 2012 to 2015 were also a big draw for investors, BI said.
Mr Spencer joined forces with BI last September to buy a joint 25pc stake in gin producer Westmorland Spirits.
The former Conservative Party treasurer, who is selling his business Nex to US exchange CME for £3.9bn, recently became the chairman of investment firm FCFM after buying more than 90pc of the group’s shares.