Rounding off our Q&A series, The Wine Society’s CEO spells out the costs to business of the 2024 budget, enthuses on the joys of the wine world and shares a desert island appetite for an endless supply of Hermitage and Comte.
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Steve Finlan, CEO of The Wine Society, has joined the Executive Board of the Wine and Spirit Trade Association (WSTA).
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Amid much gloom in the market generally and set against the current duty rises, The Wine Society has reported a record trading period over the festive weeks.
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Plans to overhaul the UK's alcohol duty system, discussed on BBC Radio 4 this week, have raised concerns among wine producers, merchants and retailers, who warn that the new regulations could increase costs, disrupt trade and limit the range of wines available to consumers.
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Wine prices are set to increase as UK retailers brace for significant changes to wine taxation starting February 2025. Businesses warn that the new system will require six-figure investments to handle the administrative burden, with potential annual costs also running into similar sums.
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The Wine Society has reported a successful financial year, with annual sales reaching £149.1m, an increase from £147.7m the previous year. The company also saw a significant profit increase, up 12% to £1.8m from £1.6m in 2022/23. This growth comes after a particularly strong performance during the Christmas season and a robust second half of the year.
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Ahead of the Autumn Statement on 22 November, senior figures in the wine industry are voicing their concerns amidst fears of a second alcohol duty rise in the space of four months.
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In April 2023, in what was described as an “industry first”, The Wine Society announced it would prevent price increases despite the effects of high inflation and rising duty costs.
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In what has been described as, “an industry first”, online wine retailer The Wine Society has announced it will work with its members to prevent price increases.
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Over 50 million people in the UK have received at least one dose of a coronavirus vaccine, and yet Covid-19 continues to shape our lives and that of the drinks trade. The emergence of the Omicron variant has got the international community deeply concerned, while certain European nations have reintroduced lockdown measures. Nevertheless, the UK trade remains robust and resilient, but with Christmas looming it is not clear that we're out of the woods yet.
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