BBR’s revenues slip as impact on fine wine market continues
The UK’s oldest fine wine merchant, Berry Bros & Rudd saw its revenues dip by 8.2% in the last financial year, due to the “ongoing stagnation” in the fine wine and spirits market, according to documents filed at Companies House.
The St James’s-based merchant saw a double-digit fall (12.9%) in operating profits during the 12 months to 31 March 2025, falling from £3.488 million in 2024 to £3.036m, while EBITDA was also down, albeit by a far smaller margin of 3.9%, to £9.693m. This compared to the £10,087m recorded in the previous financial year, however, it should be noted that the dip marked a significant flattening of the 77% profit decline in the previous year.
Meanwhile, turnover fell from £245.9m in 2024 to £225.8m this year, a fall of 8.2%.
A statement from the company director filed at Companies House noted the “challenging market conditions” which contributed to a 12% drop in en primeur sales, a 21% decrease in sales of more mature wines and a 10% reduction in commission income from the BBX platform. This resulted in a 18% fall in the group’s sales and service channel. The premium brands channel saw revenues fall by 6%.
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However, there were positive, with events at No 3 St James’s helping to buoy figures, after a rise in revenue of 16%, while the increased capacity of its wine storage facility in Andover, which opened in 2023, also increased income from customer private reserves by 2%.
Operating expenses were also reduced on the back of lower costs of sales, decreased advertising and promotional spend, and reduced payroll and benefits expenditure, it said. This follows the fine wine merchant announcing it would be cutting around 7.5% of its workforce (30 roles) due to the tough market conditions, back in January, a decision CEO Emma Fox said was “very difficult but necessary”. The financial results also showed that the group generated cash through the sale of freehold and investment properties and through reducing the group stockholding.
Other positives included the Hotaling & Co (sic) business in San Francisco, which imports and distributes premium spirits in the US, which saw an 18% growth in EBITDA, on sales up 2.3%; and investment to expand revenue streams at UK wine estate, Hambledon Vineyards, which was acquired in 2023 in a joint-venture with Port producer Symington Family Estates.
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