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WSTA offers advice to consumers investing in wine

The WSTA is issuing fresh advice to consumers over the checks they should make before investing in wine.  The checklist is designed to protect buyers from the risk of wine fraud.

The advice from the WSTA comes as wine merchants release their 2009 en primeur offers.  En primeur wines are wines released for sale before they are bottled or ready for delivery. 

There are fears that demand for the high quality 2009 Bordeaux vintage may lead to potential investors being targeted by fraudsters who take money for wine that is either not delivered or not the wine it is claimed to be. The fears have been fuelled by recent police investigations and arrests in connection with alleged wine investment frauds.

The WSTA urges consumers to make a series of checks on merchants offering wine as an investment vehicle including:

" Consider the size and reputation of the merchant - large, established businesses are less likely to collapse or be engaged in dubious trading and are more likely to be registered with Companies House enabling basic checks about company ownership and accounts to be made
" Ask the merchant whether they provide guarantees or carry insurance
" Check whether prices are competitive and whether they include delivery
" Ensure that you ask for and receive invoices and statements clearly establishing your entitlement to the wine you have paid for

The full list of guidelines is available here:
Guide-to-the-en-primeur-wine-market.html

WSTA Chief Executive Jeremy Beadles said:

"Fine wine can be a very good investment but consumers should make some basic checks before they part with their money.  Bonafide merchants and brokers won't have any problem proving their credentials but consumers who ask the right questions will ensure they are not caught out by dubious dealers."


Ends

Notes to editors

The WSTA is the UK organisation for the wine and spirit industry representing over 320 companies producing, importing, transporting and selling wines and spirits.
We campaign to promote the industry's interests with governments at home and abroad.
We work with our members to promote the responsible production, marketing and sale of alcohol.

For more information please contact Gavin Partington:
Tel:  +44 (0) 20 7089 3876
Mob:  +44 (0) 7966 014058
Email: [email protected]

 

 

WSTA says Budget tax rise on alcohol brings more misery

The WSTA warns today’s 5.1% increase in alcohol duty brings further unwanted price rises for consumers and threatens to cause more job losses in the drinks industry in the year ahead.

Today’s Budget rise means taxes on wine and spirits have risen by over 25% and 20% respectively since March 2008.  Since 1997 the Government has taken an extra £4 billion from consumers in alcohol taxes.

The effect of the tax on a typical item in pence is as follows:

•           10 pence on a 75cl bottle of wine

•           36 pence on a 70cl bottle of spirits

•             2 pence on a pint of beer

The Chancellor went ahead with the tax escalator which automatically increases tax on alcohol by two percentage points above inflation.

WSTA Chief Executive Jeremy Beadles said:

“Successive punitive tax rises on alcohol are taking their toll on household budgets and mean further job losses in the drinks industry are on the cards this year.

 

“The last year alone has seen business closures and 30,000 job losses and today’s Budget means higher prices for consumers and more misery in a sector that ought to be part of Britain’s economic recovery.”

 

Ends

 

Notes to editors

 

The WSTA is the UK organisation for the wine and spirit industry representing over 320 companies producing, importing, transporting and selling wines and spirits.

We campaign to promote the industry’s interests with governments at home and abroad.

We work with our members to promote the responsible production, marketing and sale of alcohol.

 

For more information please contact Gavin Partington:

Tel:       +44 (0) 20 7089 3876

Mob:     +44 (0) 7966 014058

Email:   [email protected]

 

Drinkaware host industry seminar with 50 drinks industry companies

On Wednesday 24th February 2010 more than 70 representatives from over 50 drinks industry companies and trade associations gathered in Westminster for a seminar hosted by alcohol awareness charity Drinkaware.  The seminar gave the charity an opportunity to highlight the achievements of the last year and to showcase Drinkaware’s ambitious plans for 2010.

Read more: Drinkaware host industry seminar with 50 drinks industry companies

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