ICAP chief executive Michael Spencer took his self-confessed “irrational passion” for wine way beyond the odd bottle of his much-loved Petrus yesterday, becoming a shareholder in and chairman of fine wine merchant the Bordeaux Index.
Spencer has made a seven-figure investment in the online trading exchange, which was set up 15 years ago by former Icap board member Gary Boom and made pre-tax profits of more than £6m last year.
“I’m genuinely impressed by the growth of the business, and the way it has developed its market in Asia by applying the techniques and technology of financial markets to fine wines,” said Spencer.
Spencer famously promised to celebrate the appointment of any future Conservative Prime Minister by hosting a dinner party lubricated by bottles of Petrus, the Bordeaux label that is among the world’s most expensive wines.
In 2010 he made good on his promise, marking his stepping down as party treasurer by presenting David Cameron with a bottle from the year he first became an MP.