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International expansion for Cult Wines on the back of record results

Published:  17 January, 2018

Cult Wines, investment manager in fine and rare wine, has reported a 67% surge in annual revenues to £33.9m.

The business 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.

Currently managing client assets in excess of £65m across 2,000 customers in 67 countries, the London-based company said it expected total revenues to reach £55m in the next year, with its client base having grown by 28% in the past year.

Describing 2017 as a “landmark” year for Cult Wines, MD Tom Gearing said the company stepped into 2018 with a “strong” platform for growth.

“Last year was a landmark for us that culminated in these robust figures, multiple award recognition and growth of our international activities,” said Gearing, adding the firm’s new office in Shanghai would be followed by additional geographic expansion and “further investment opportunities".

Given the growing importance of Asia, Cult Wines, which opened an office in Hong Kong in 2016, set up shop in Shanghai in December last year to strengthen its Chinese presence.

“China is already the single biggest consumer of luxury goods globally with 29% of total spend across the whole Asia Pacific region and Cult Wines is seeing significant growth in rare and fine wine investment,” said  Gearing, who was a BBC The Apprentice finalist in 2012. 

Cult Wines, which celebrates its 10th anniversary this year, 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.

A former investment banker, Gearing set up the business in partnership with his dad.