A shifting picture of diversification amid a challenging global landscape emerged from an interesting discussion in London yesterday (26 November), where Rodolphe Lameyse, CEO of Wine Paris owner Vinexposium, and Miles Beale, chief executive of the WSTA, gathered members of the press to discuss the potential ways of returning businesses in the UK and elsewhere to much-needed growth.
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Wales will press ahead with its own Deposit Return Scheme (DRS) as the devolved government announced its intention to back out of a UK-wide framework which is looking to exclude glass.
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The government hospitality wine cellar’s latest biennial report, covering April 2022 to March 2024, outlines a restrained increase in bottle usage and a significant boost in revenue from sales.
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The Autumn Budget’s employment tax measures will raise the cost of employing full-time staff by at least £2,500, according to an analysis released by UKHospitality.
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The hospitality sector is facing a substantial increase in operating costs as the Chancellor confirms a 6.7% rise in the National Living Wage, set to take effect in April 2025. The uplift will raise the hourly rate from £11.44 to £12.21, directly impacting more than 3 million workers and adding an estimated £1.9bn to the hospitality sector’s wage bill.
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C&C Group has released its interim results for the six months ending 31 August 2024, highlighting mixed performance amid a challenging market landscape. Despite external pressures, the group has reported earnings that align with expectations and remains committed to its operational targets for the full financial year.
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Australian Wine Holdco Limited (AWL) has welcomed the Australian Competition and Consumer Commission's (ACCC) decision to grant merger clearance for the combination of Accolade Wines with Pernod Ricard's Australian, New Zealand and Spanish wine businesses.
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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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Small and mid-sized suppliers in the alcoholic drinks sector could tap into an extra £27,575 in repeat sales by enhancing customer loyalty, according to a recent report. The research, a joint effort by Oxford Brookes Business School and ProspectSoft, part of The Access Group, points to significant revenue potential for manufacturers, wholesalers and distributors. The study indicates that many SMEs are losing out on repeat business from customers who stop buying after their third purchase.
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As the UK Budget looms, with anticipated rises in alcohol duties, Calais Vins and Olivier Vins have introduced a new offer designed to attract British travellers looking to save on their wine purchases before potential price hikes hit. The timing of this initiative positions the two retailers to capture heightened demand as consumers brace for the Budget's impact on alcohol costs.
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The fine wine market continued to face challenges in Q3 2024, as prices dipped for another consecutive quarter. According to Wine Cap's Q3 2024 Fine Wine Report, the market has been in decline since late 2022, with an average drop of 4% in the latest quarter.
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Virgin Wines UK has announced its annual results for the year ending 28 June 2024, showcasing a marked improvement in profitability despite a flat revenue and challenging market conditions.
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New government data indicates a slight reprieve for the hospitality sector, as accommodation and food service insolvencies fell 16% month-on-month in August 2024.
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The Bank of England’s base rate, also referred to as the Bank Rate or simply the interest rate, is a key economic tool that affects the cost of borrowing and returns on savings in the UK. Set by the Bank of England, it helps control inflation and maintain economic stability.
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More than one in ten British pubs are at imminent risk of closure, with 11% of the UK’s pubs classed as technically insolvent and facing maximum credit risk, according to analysis by accountancy firm Price Bailey.
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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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Wine and spirit businesses are calling on the government to freeze alcohol duty for at least two years, arguing it will help offset declining revenues and support public finances.
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Troubled online retailer Naked Wines has announced a further fall in sales, with its full year results showing total sales down 18% year-on-year to £290m (52 weeks to 1 April 2024) against £345.0m in FY23.
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New figures from HM Revenue and Customs reveal the Treasury has lost close to £300m in tax revenue from Scotch whisky and other spirits following Jeremy Hunt’s significant tax increase last August.
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A draft scheme ahead of the Policy and Sustainability Committee meeting on 22 August proposes a visitor levy in Edinburgh, allowing accommodation providers to retain 2.5% of the proceeds to cover their costs. The visitor levy, a fee imposed on overnight stays, is intended to raise funds for local services and tourism-related projects. UKHospitality Scotland supports this measure, emphasising that it is vital to prevent the levy from hindering investment, economic growth and job creation in the sector.
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