Coterie signs exclusive agreement with Cult Wines
Investment firm Cult Wines has entered into a multi-faceted agreement with Coterie Holdings, which will see its clients gain access to bonded storage facility Coterie Vaults and also wine-lending platform Jera.
Coterie Vaults will now become the exclusive storage partner for Cult Wines and its customers via a purpose-built facility in Suffolk. The facility was completed in spring 2023 and has a holding capacity of 10 million bottles.
Cult Wines’ customers will also gain access to Jera, which is part of the Coterie portfolio. Jera uses asset-backed loans to offer collectors and investors the opportunity to access liquidity from their wine collections without selling them.
As part of the agreement, Coterie Holdings and Jera are also extending their support to Cult Wines through the provision of a secured lending facility.
“We are excited to partner with Coterie Holdings, a company that shares our vision for the future of the fine wine market,” said Tom Gearing, CEO of Cult Wines. “This agreement will enable us to offer an unmatched level of service and innovation to our clients, further solidifying our position as the global leader in wine investment. Coterie Vaults is the leading wine storage facility in the UK, and this partnership secures warehousing capacity for our customers and future business expansion.”
Michael Saunders, CEO of Coterie Holdings, added: “Here at Coterie, we are building an ecosystem that stands at the forefront of innovation and allows us to drive positive change in our industry. Through innovations like Coterie Vaults and Jera, we are setting new standards and elevating customer experience in the fine wine sector to remarkable new heights. We are excited to be able to work with an industry leader and extend these services to Cult Wines’ clients.”
The Cult Wines deal is the latest move by Coterie to build on its aim of ‘enhancing the client experience’ in fine wine through data and innovation. It pairs Cult Wines’ network and expertise in wine investment with Coterie’s varied list of services, which also include fine wine merchant Lay & Wheeler. Most recently, it purchased Hallgarten & Novum Wines from previous owners the Pieroth family late last year.
Cult Wines meanwhile was founded in 2007 with the aim of leveraging intuitive digital platforms and data-driven technology to revolutionise how consumers buy, sell and collect wines. It now has approximately £250 million of wine assets under management.
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