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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Waud Wines has announced the acquisition of Handford Wines, expanding its portfolio of businesses. James Handford MW will continue to lead Handford Wines alongside his team, now supported by Waud Wines' resources and staff.
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The US Department of Commerce (DOC) has announced preliminary anti-dumping duties on glass wine bottles from China, Chile and Mexico, with some duties reaching as high as 218.15%.
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The hospitality industry has welcomed the Bank of England’s decision to cut interest rates to 5%, the first reduction in four years. The previous rate of 5.25%, a 16-year high, had been in place since August 2023.
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Diageo has cautioned that financial challenges may extend into next year after the company fell short of its full-year profit expectations, leading to a more than 9% drop in shares to a four-year low.
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The Low Pay Commission (LPC) has been instructed to recommend a new National Living Wage to take effect from April 2025.
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Virgin Wines UK has shared its trading update for the year ending 30 June 2024, revealing stable revenue at £59m, matching the previous year’s figure. Improved margins and operational efficiencies, particularly in warehouse fulfilment, significantly boosted profitability.
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The Wine and Spirit Trade Association (WSTA) has welcomed a new board member, adding another major global spirit brand to its executive board.
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WineCap’s Q2 2024 report has revealed key data on macroeconomic influences, the Bordeaux 2023 En Primeur campaign, top-performing wines and the Q3 outlook.
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Trade credit insurer Atradius has revealed a 59% decrease in claims for late or failed payments in the food and drink sector between May 2023 and May 2024.
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The deputy mayor of London for business was one of a number of senior officials to descend on Diageo’s global HQ yesterday (8 July), where the organisers of London Cocktail Week convened a daylong collaborative event aimed at hearing from the city’s hospitality sector.
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With the UK general election just a whisker away and the current Prime Minster all but admitting a crushing defeat, the WSTA has issued an open letter calling on the incoming government to make permanent the duty easement.
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Campari Group has officially clarified that neither Davide Campari-Milano NV nor any of its subsidiaries are under investigation by authorities, addressing recent media reports from yesterday (26 June). In a statement, the company emphasised that no impact is expected for Davide Campari-Milano NV or its subsidiaries.
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The Scotch Whisky Association (SWA) is urging the next government to reverse the damage caused by Jeremy Hunt’s 10% increase in spirits excise duty. Newly published figures from HMRC reveal that the Treasury has lost more than £100m since the tax hike last August.
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Treasury Wine Estates (TWE) has provided a significant update on its Penfolds brand and strategic direction in China, almost three months after the lifting of tariffs on Australian wine imports.
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The Wine Society has reported a successful financial year, with annual sales reaching £149.1m, an increase from £147.7m the previous year. The company also saw a significant profit increase, up 12% to £1.8m from £1.6m in 2022/23. This growth comes after a particularly strong performance during the Christmas season and a robust second half of the year.
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