Regulatory body for wine investment launches

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Your email address will not be published.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 *

Please note that comments are subject to our posting guidelines in accordance with the Defamation Act 2013. Posts containing swear words, discrimination, offensive language and libellous or defamatory comments will not be approved.

Subscribe to our newsletters

Sales and Brand Manager

The Duchess Virgin Gin & Tonic
London,

Sales Scotland

Liberty Wines
Scotland, UK

Supply Chain Supervisor

Speciality Drinks
UK, UK

Sales Manager

Stilnovisti
London, UK

Regional Key Account Manager - On Trade

Lanson International UK
South of England, UK

Private Account Manager

Jeroboams Wine Merchants
London N1, UK

Sales Role

JF Tobias
London, UK

Events Assistant

Decanter
London, UK

Head of Marketing

Decanter
London, UK

Market Manager - Asia

Wines of South Africa
China,

Prosecco Springs

London,United Kingdom
26th Apr 2018

Spirits & More

Rome,Italy
19th May 2018

db Awards 2018

London,UK
23rd May 2018
Click to view more

The Global Malbec Masters 2017

the drinks business is proud to announce the inaugural Global Malbec Masters 2017

The Global Sparkling Masters 2017

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

Click to view more