Cult Wines toasts huge growth and a Queen's enterprise award as it predicts sales will fizz 47 per cent this year

 
Courtney Goldsmith
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Tom Gearing (left) was a star on the TV programme The Apprentice (Source: Cult Wines)

Specialist fine wine acquisition and investment management firm Cult Wines expects to generate record sales of around £30m this year – a 47 per cent increase on the previous year.

The company, which is led by a former runner-up on the TV show The Apprentice, was recognised for its impressive growth with the Queen's Award for Enterprise in international trade this month.

The 10-year-old firm is projecting sales of £50m by 2020, as growth is driven by increasing demand in the UK and Asia.

Since Brexit, the benchmark Liv-ex Fine Wine 100 index has gained around 17 per cent as Asian buyers snapped up cheaper wines after the value of sterling depreciated.

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In the last four years, the group has seen a compound annual growth rate of 235 per cent in Asia.

Tom Gearing, managing director of Cult Wines and former Apprentice candidate, said: "It is fantastic to be recognised, and our performance over the last year has helped to cement our position as one of the leaders in the wine investment market."

Worth over $4bn a year, Gearing said fine wine is increasingly recognised as a genuine alternative asset class.

"Not only can the sector provide strong returns under expert guidance but it is an enjoyable, collectible, tangible asset that has a very exciting future."

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