Cult Wines appoints new finance director

By Lisa Riley

Published: 01 February, 2018

Cult Wines, investment manager in fine and rare wine, has appointed a new finance director to assist the company’s next phase of expansion.

Taking on her new role with immediate effect and joining the global management team, Gemma Gowers joins from independent cinema chain Light Cinema where she was CFO and company secretary. she takes over from David Main.

Prior to that, Gowers held the same position at Yotel Limited - the global hotel group established by Yo Sushi founder, Simon Woodroffe.

Welcoming Gowers to the business, managing director, Tom Gearing, said: “Gowers brings a fabulous track record in the fast growth SME sector with significant skills in the international expansion arena.”

Last month, the business reported a 67% surge in annual revenues to £33.9 million.

Cult Wines contributed the growth to increasing demand for fine wine in the UK and the rest of Europe, but said Asia had performed particular well, with sales up 123% in 2017, taking its share of total revenues to 33% compared to 26% the previous year.

The company’s recent results demonstrated the “solid financial base for future growth”, said Gowers.

“Cult Wines has had an impressive and consistent growth path over the last 10 years and I am delighted to join and assist the company to its next phase of expansion,” she said.

The business currently manages client assets in excess of £65 million across 2,000 customers in 67 countries. It expects revenues to reach £55 million in the next year, with its client base having grown by 28% in the past year.

Celebrating its 10th anniversary this year, Cult Wines received the Queen's Award for Enterprise (International Trade) in April last year and was ranked number 40 in The Sunday Times Virgin Fast Track 100 league table released last month, which ranks Britain’s 100 private companies with the fastest-growing sales over their latest three years.

Printer friendly version