Berry Brother & Rudd has seen soaring demand for en primeur sales in the last 18 months, while subscription to its wine cellar business rose by more than a third, the fine wine merchant has said.
Speaking to the FT ahead of publishing its annual results this week, the new chief executive Emma Fox, said sales this financial year were “buoyant” and 10% ahead of where they were at the same point last year.
“We are continuing to go from strength-to-strength,” she said.
Turnover rose 1.7% to £224.3m, the company is set to reveal, with £23.5m generated in cash from operations in the 12 months to the end of March 2021, up from a £284,000 cash outflow the previous year, the FT reported.
However, refinancing costs and the devaluation of several of its freehold properties during the pandemic contributed to pre-tax losses of £8m.
Meanwhile, the UK’s oldest wine merchant saw a 37% jump in customers subscribing to its wine cellar business compared to 2019, while en primeur sales rose 43%, versus pre-pandemic levels.
The company, which last year took out a £52m refinancing option with PNC, is also investing £4.5m in a new warehouse outside Andover that will double its storage capacity to 14m bottles.
This is in line with its strategy to boost its private customer and spirits brand business, PNC said at the time.
Last year, the fine wine merchant celebrated its best year in a decade.
