Jascots celebrates bumper 2022 with revenues up 84%
Wine importer and distributor Jascots has recorded strong results for 2022, with record on-trade revenues up on both year-on-year and pre-Covid figures.
Revenues in 2022 rose 84% compared with the previous year, with Jascots significantly out-performing the market. The specialist importer and distributor also welcomed more than 270 new trade customers over the course of the year, which helped with revenue gains.
Covid-19’s Omicron variant caused a slow start to the year, but on-trade still managed to deliver record revenues. Sales were up 122% on 2021 and exceeded 2019 pre-Covid figures by 15%.
Miles MacInnes, managing partner at Jascots, said it had been a great year for both the team and suppliers, but did not want to overshadow the challenges that many on-trade businesses have been facing.
He said: “We recognise that it has been a very challenging time for many of our customers. Our priority is to do everything we can to support them going forward, especially our on-trade customers who are facing inflation across all categories and reduced spend from their guests.”
The premium restaurant and hotel sector was the most successful area for new business gains, the company has said. The performance of Jascots’ fine wine and premium range delivered an increased average-per-bottle selling price of almost 20%.
MacInnes added: “Our growing portfolio will allow us to offer even better value for money in the year ahead and deliver the margin to our customers that is so critical in this challenging environment.”
The company, which was founded in 1991, established its dedicated fine wine arm in December last year, after seeing strong demand and turnover rising by around 300% compared to the previous year’s sales. The department is being headed up by Omar Raafat, the former director of fine wine at Bibendum and Enotria.