Regulatory body for wine investment launches

30th November, 2012 by Rupert Millar

The Wine Investment Association, a body committed to setting standards for wine investment, launched this week.

A south London man was jailed after a £760,000 wine scamMembers will be expected to stick to a code of conduct that restricts business practices such as high-pressure sales.

Companies will also be subject to an audit to ensure that they can fulfil orders and that customers are entitled to their wine.

One of the founding members, Peter Shakeshaft of Vin-X, told the drinks business in September about the urgent need for a self-regulating wine investment body.

Since then a number of prosecutions and questions surrounding valuations have arisen.

Notably one con man was jailed for scamming friends and acquaintances out of over £750,000 and the Financial Times cast a quizzical eye over the valuation methods of Nobles Crus.

Chairman and founder member, Hugo Rose MW, said that as wine investment was worth some £200 million in the UK, it “should be safe”.

He condemned previous trade responses to wine investment fraud as mere “handwringing” and that the Wine Investment Association was, “an important step towards eradicating fraud and inadequate management”.

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe to our newsletters

Job vacancies

Brand Ambassador – Santa Rita Estates

Santa Rita Estates
London or Hertfordshire but with flexibility to travel, UK

Sales Executive - Wine and Spirits Awards

The Drinks Business
Central London, UK

On-Trade Channel Manager

Delegat Europe Limited (UK)
London / Midlands, GB

Trade Marketing Analyst

Delegat Europe (UK)
London, GB

Key Account Executive

Delegat Europe Limited (UK)
London / Midlands, GB

Senior National Account Manager

Bibendum PLB
London, UK

ON-TRADE Sales Executive

Roberson Wine
London, UK

OFF-TRADE Sales Executive

Roberson Wine
London, UK

Judging Week Runners

Decanter World Wine Awards
ExCel Centre, London E16, UK

Sales Administrator

Les Caves de Pyrène
Guildford, UK

Retail Commercial Executive

Laithwaite's Wine
Theale, Berkshire

Wine Buyer

Conviviality Plc
Crewe, UK

Sales Account Manager - On-Trade

Berkmann Wine Cellars
Liverpool

Sales Account Manager - On-Trade

Berkmann Wine Cellars
M3/M4 corridor

Media Sales Manager - Hong Kong

The Drinks Business Hong Kong
Hong Kong

The Global Merlot Masters 2017

Deadline : 31st March 2017

The Prosecco Masters 2017

Deadline : 10th March 2017

db Awards 2017

Deadline : 28th April 2017

The Global Organic Masters 2017

Deadline : 3rd March 2017

Click to view more

The Global Sparkling Masters

the drinks business is thrilled to announce the launch of The Global Sparkling Masters

The Global Rosé Masters 2016

the drinks business is proud to announce the launch of the Global Rosé Masters 2016.

The Prosecco Masters 2016

Now in its third year, the competition will reflect the growth in popularity of this fresh and exciting sparkling wine from the picturesque regions of Veneto and Friuli.

The Global Pinot Noir Masters 2016

After the success of last year’s competition that judged over 250 wines from no less than 16 countries, the drinks business is proud to announce the third year of the Global Pinot Noir Masters

Click to view more