Fine wine brokers agree not to supply

Published: 23 July, 2008

Faced by an increasing number of companies seeking to persuade the public to invest in expensive red Bordeaux, 20 UK fine wine broking firms have pledged not to supply these companies.

This is believed to be an unprecedented move by the brokers.

The companies are: John Armit Wines, Berry Brothers & Rudd, Cave Cru Class, Claret E, Corney & Barrow, Falcon Vintners, Fine & Rare Wines, Goedhuis & Co, Justerini & Brooks, Richard Kihl, Liv-ex, Magnum Fine Wine, Morgan Classic Wines, RC Gold Fine Wines, Robert Rolls, Andrew Sheepshanks Fine Wines, Seckford Wines, James Tait Wines, Turville Valley Wines and Uvine.

In June Investdrinks (www.investdrinks.org) asked 21 UK fine wine brokers to agree not to knowingly supply companies in "the claret web". Investdrinks has dubbed eight companies as the claret web, as they either have common ownership or employ similar marketing tactics, according to Investdrinks.

The eight companies in the claret web are: Ashley Witter, City Vintners, Goldman Williams, Harrington Ross, Millennium International Wine Sales, Pembridge Villiers, Ransby Hoare and Stanley Knight.

The response shows that these broking companies are concerned about these activities and the threat that they pose to the fine wine trade.

"I totally agree that it is appalling that people are offering wines for investment at vastly inflated prices," said John Armit of John Armit Wines.

"We are well aware of the activities of these companies and agree that they have the potential to damage the legitimate trade in fine wine," said Alun Griffiths MW, wine director, Berry Bros & Rudd.

"I am happy to confirm that Berry Bros & Rudd will not knowingly supply any of the companies mentioned, or indeed any other such company which goes into the business of selling wine with the clear intention of exploiting the naivete or inexperience of potential customers," added Griffiths.

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