Inverarity Vaults takes turnover to £7.4 million

Published: 24 May, 2010

Inverarity Vaults, Scotland's largest independent wine merchant, achieved a turnover of £7.42 million in 2009, an increase of 4%.

The company, however, claimed the 2009 figure meant it had achieved an average turnover increase of 68% year-on-year since 2000.

But 2009 has been more of a year for consolidation, said managing director, Hamish Martin, with tougher trading conditions in its core hotel and restaurant business.

"2009 was an extraordinary year for most businesses," said Martin. "The hotel and restaurant trade, which forms the majority of our client base, really felt the pinch with people tightening their belts and spending less on evenings out."

Hamish added: "It was a case of adapt quickly or lose out to other competitors. We did a full audit of our wines and prices, rebuilding our list to offer the same quality products at the right price point. Our procurement and stock control systems were also tightened up, which helped significantly with cash flow."

But aware it needed to plan for the future, Inverarity has also in the last year doubled its sales force to 12 and opened a new retail store in Edinburgh. It now employs over 40 people. "While many businesses were scaling back by reducing hours or cutting staff, we saw investing in good people as the only way to expand. We have built a reputation on unparalleled customer service and we weren't going to cut corners when our customers were most in need."

Inverarity claims to have kept all its 600 trade clients in the last year, including all Michelin-starred restaurants in Scotland.

Looking ahead Martin said: "January and February are always hard months in the hospitality sector, but 2010 is so far looking healthy for us."

Inverarity Vaults was established in 1991 as a wine importer and whisky producer.

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