Industry chiefs have expressed a modicum of optimism about potential changes to the current plans for the new duty escalator, which could possibly avoid plunging businesses into a tangle of red tape – if only the government continues (or maybe begins) to listen to reason.
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A study published by investment firm WineCap has revealed several key trends that continue to shape the fine wine market in 2023, including a relatively lacklustre demand for 2021 Burgundy and expensive bubbly.
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Majestic has made its biggest-ever investment in colleague pay to recognise the “expertise and experience” of store teams and shield its people from the impact of the cost-of-living crisis.
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In a bid to reduce export times and mitigate “Brexit costs” Spanish wine company Félix Solís Avantis is trialling shipments using blockchain technology.
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In times of market turmoil, such as the 2008 financial crash, the coronavirus pandemic or the war in Ukraine, fine wine has proved itself to be an asset largely insensitive to macroeconomic uncertainty.
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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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Confirmation that the UK has signed up to the Asia-Pacific trade pact will open new markets down the line for some in the drinks trade, but will offer little sustenance in the short term.
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UK industry has been left reeling once again following another inflation spike and subsequent interest rates hike, as the ever-increasing price of food and drink continues to stretch the nation’s purse strings as well as the cost of its collective shopping basket.
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Innovation, sustainability, organic wine and the ‘immediacy’ of embracing alternative formats were common threads which ran throughout this year’s Prowein, as the event descended once more for a predictably rainy yet bustling three days in Düsseldorf.
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Amidst rising inflation and a looming recession, investors will be keen to diversify their portfolios to mitigate today’s uncertain economic landscape.
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The trade is facing what has been dubbed a ‘double-pronged tax hike’ following the UK’s Spring Budget earlier this week (15 March), with the freeze on alcohol duty increases to end on 1 August 2023.
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Industry heads are warning that wine drinkers could face rocketing prices if the chancellor goes ahead with a double-pronged tax hike, likely to be announced at tomorrow’s Spring Budget.
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Fine wine ‘guru’ Liv-ex continues to present a picture of a global market in stagnation, albeit there was some positive movement in February 2023.
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Pernod Ricard, the world’s second-largest wine and spirits seller has announced a 12% increase in sales for H1 FY23.
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UK restaurant company insolvencies in December of last year were the highest in at least four years says Mazars, the international audit, tax and advisory firm.
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Insolvencies of pub and bar companies have increased by 83% in the past year, from 280 in 2020/21 to 512, says UHY Hacker Young, the national accountancy group.
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From the Deposit Return Scheme to a new consultation paper on restricting alcohol advertising, the Scottish drinks industry faces a barrage of problems. James Bayley reports.
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Gusbourne, the Kent and West Sussex-based premium sparkling wine producer, has reported significant sales increases in its unaudited trading update for the 12 months to 31 December 2022.
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Burgundy 2021 is what happens when you invest in an agricultural product that is dependent on environmental circumstances outside of the control of growers, merchants and buyers alike.
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The British multinational alcoholic beverage company, Diageo, has reported net sales of £9.4 billion in the half-year ending 31 December 2022, an increase of 18.4% on the same period in 2021.
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