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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Fine wine investment platform, Cult Wines, closed 2022 with a ‘positive end to the year’, the company has revealed, with its Cult Wines Global Index concluding the 12 months with a 20.54% gain.
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With inflationary pressures bearing down and the cost of living crisis biting, Harpers invited indies to respond to our Dealing with Price Inflation survey, to build a picture of how merchants are coping and what increases are being introduced. Andrew Catchpole rounds up the feedback.
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Virgin Wines, one of the UK’s largest direct-to-consumer online wine retailers, has published its trading update for the six months ended 31 December 2022.
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The goverment has announced a new energy support for businesses that will take effect from 1 April 2023, although at a lower rate than the present scheme.
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Majestic, the UK’s largest specialist wine retailer, has announced its second-biggest Christmas trading performance in history.
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The freeze on UK alcohol duty rates has been extended six months to 1 August 2023, the government announced yesterday (19 December 2022).
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A major shift in premiumisation trends is about to occur, new analysis from the IWSR has concluded, as millennials and those who enjoyed greater discretionary spend during the pandemic feel the strain of a new period of economic instability and stagnation.
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Fine Wine provided stability amid an increasingly uncertain economic outlook in 2022, a new report from Liv-ex has revealed. However, as renewed investment and speculation pushed prices, analysts have been left wondering whether the ‘Covid era boom’ has run its course.
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Premiumisation was an ongoing trend in wines and spirits during the first half of 2022 as consumers leaned into little luxuries, new data has revealed. However, as we teeter on the brink of global recession, it is increasingly clear that consumers are holding back on their drinks purchases – a trend that could be particularly acute in the UK, where both intensifying economic gloom and rising inflation is threatening to ‘derail premiumisation’.
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The amount restaurant owners are borrowing to keep their own businesses afloat has increased 12% in the past year, from £377 million in 2020/21, to over £424 million in 2021/22, says Mazars, the audit, tax and advisory firm.
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UK beverage manufacturers are now holding more than double the amount of stock compared to pre-pandemic levels, as delays and shortages take an increasing toll on the global supply chain.
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Cornwalls’ St Austell Brewery has taken a minority share in Harbour Brewing Co, a multi-award-winning Cornish brewery.
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FIFA has reversed its decision to sell alcohol at all eight World Cup stadiums in Qatar, just 48 hours before the tournament kicks off.
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In today’s Autumn Statement (17 November 2022), Chancellor Jeremy Hunt made a few announcements regarding business taxes, but there was no mention of alcohol duty, much to the frustration of the drinks trade.
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Fine wine investment specialist Cult Wine has released its 2022 Champagne report and the investment potential “speaks for itself” according to the experts.
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October sales at Britain’s top managed restaurant, pub and bar groups were 1.5% ahead of the levels of October 2021, CGA has revealed.
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Encirc, a major glass manufacturer, has agreed a deal with Accolade Wines to purchase the assets of The Park, a bottling and warehousing facility in Bristol.
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Over 100 business executives from across the alcohol industry have signed a letter written to the Times calling on the Chancellor to bring back the freeze on alcohol duty.
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A group which advocates for the rapid use and adoption of alternative wine formats, has published an open letter from the industry to the government, calling for the introduction of consumer tax incentives for carbon-friendly alternative packaging.
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