Drinks industry news and inside stories
ASA Ruling on Cult & Boutique (Wine Management) Ltd
13 November 2024
The ASA ruled that a Cult and Boutique (Wine Management) Ltd ad was misleading because it failed to illustrate the risks of the investments; and it did not make clear that past performance was not representative and did not necessarily give a guide for the future. The ASA further challenged whether the claim 'fine wine has delivered an annualized return of 13.6% over the last 15 years' was misleading and could [not] be substantiated.
This Ruling forms part of a wider piece of work on unregulated investments, identified for investigation following intelligence gathered by the ASA. See also related rulings published on 13 November 2024.
ASA Ruling on Vintage Associates Fine Wine Merchants Ltd
13 November 2024
The ASA ruled that two Vintage Associates ads were misleading because they failed to illustrate the risk of the investments; and did not make clear that past performance, examples of which must be representative, did not necessarily give a guide for the future. The ASA further challenged whether the claim 'Proven growth: Up 600% in the last 20 years' in one of the ads could be substantiated and was misleading.
This Ruling forms part of a wider piece of work on unregulated investments, identified for investigation following intelligence gathered by the ASA. See also related rulings published on 13 November 2024.
ASA Ruling on Cult Wines Ltd
13 November 2024
The ASA ruled that the Cult Wines ads were misleading because they failed to illustrate the risks of the investments; and did not make clear that past performance was not representative and did not necessarily give a guide for the future.
This Ruling forms part of a wider piece of work on unregulated investments, identified for investigation following intelligence gathered by the ASA. See also related rulings published on 13 November 2024.
ASA Ruling on Vinverum Ltd
13 November 2024
The ASA ruled that an Vinverum Ltd ad was misleading because it failed to illustrate the risks of the investments; and the claim 'proven tips for maximising returns on your fine wine collection' was misleading and could [not] be substantiated.
This Ruling forms part of a wider piece of work on unregulated investments, identified for investigation following intelligence gathered by the ASA. See also related rulings published on 13 November 2024.
Fake Whiskies Withdrawn from Bonhams Auction
5 November 2024
Jonny McCormick reported in Whisky Advocate that Bonhams withdrew 20 bottles of scotch from auction over authenticity concerns. The bottles, 'mainly Islay single malts and Macallan with an estimated value of $52,000–$72,000', were scheduled to go under the hammer in the Bonhams Fine Whisky & Spirits Sale in Paris on 5 November.
150 Years of Whiskey Fraud
30 November 2024
What Types Of Whisky Fraud Are There? Let Me Count The Ways
Whiskey fraud is not the reserve of morally bankrupt cask investment scheme directors. What can we learn from 150 years of misdirected legislation and can we prevent another 150 years of whiskey fraud?
End of UK Alcohol Duty Stamps Scheme
30 October 2024
HMRC introduced the scheme as an anti-fraud measure in 2006 as a response to concerns about the evasion of Alcohol Duty on spirits. It requires bottles to be duty stamped, where they are 35 centilitres or more and contain alcohol of 30% ABV or more.
This measure abolishes the Alcohol Duty Stamp Scheme in the UK and will end from 1 May 2025, but will continue to apply until this date.
Wolfcraig Cask Investors Switched To Unbranded Alternative
25 October 2024
Alex Watson at The Courier reported that investors of £5k Stirling whisky are being switched to an ‘unbranded’ spirit. Wolfcraig Distillers says cask will instead be filled with spirit distilled at a'alternative location'. Wolfcraig Distillers hoped to open a distillery at Stirling’s Craigforth campus, but planning permission was refused in March 2022.
Noble & Co Whisky Intelligence Report Q3 2024
24 October 2024
Noble & Co reports that auction values and volumes dropped sharply, with Q2 2024 recording a 50% decline in value and a significant decrease in volume compared to Q2 2023. This trend affected all price segments.
Hong Kong Cuts Spirits Tax From 100% To 10%
16 October 2024
Hong Kong announced a cut to its 100% spirits tax: to 10%. It is hoped that the scrapping of the 100% tax (calculated against a bottle's value) will improve economic competitiveness against regional rivals like Singapore, Japan and mainland China. Full details of the new spirits import tax structure can be found at Hong Kong Customs and Excise Department.
Wine Counterfeiters Busted in Italy
15 October 2024
Wine counterfeiters busted in Italy for selling bottles of fake wine for EUR 15,000 per bottle. The investigation led to six arrests, 14 house searches and seizures of large quantities of wine from different counterfeited Grand Cru domains, wine stickers and wax products, ingredients to refill wine, technical machines to recap bottles, luxurious goods, and electronic equipment valued at EUR 1.4 million, over EUR 100,000 in cash and documents.
Riverside Whisky Partners 'Still Blatantly Breaching Rules'
29 September 2024
Tony Hetherington, Financial Mail on Sunday's ace investigator, reported that after RWP clashed with the ASA over claims that investors could expect 'annual returns of 13 per cent to 20 per cent tax free' RWP withdrew its forecast. But other incorrect claims and logos of awards (not won), charities (not donated to), and whisky brands (not available to buy in cask) remained on the site.
Portintruan Distillery Build Halted by ISG Collapse
27 September 2024
Miona Madsen reported in The Spirits Business that construction of Elixir Distillers’ Portintruan Distillery on Islay has stopped after the ISG construction company entered administration on 20 September 2024.
Edrington Announces Sale of The Famous Grouse
23 September 2024
Edrington announced its agreement to sell The Famous Grouse to William Grant & Sons, so it can focus on its 'ultra-premium spirit brands' which include The Macallan, Highland Park and The Glenrothes.
The Three Karuizawas
September 2024
What Are The Three Karuizawas?
If you are confused by all the different Karuizawas you are not alone. Keep reading to see if you can help me identify the differences between a Karuizawa Factory, Karuizawa Distillery and Karuizawa Distillers...READ MORE
Scotch Whisky Exports Fall 18%
CaneCo Ltd Closes Due To Sale Of Renegade Rum Distillery
CaneCo Ltd Closes Due To Sale Of Renegade Rum Distillery
12 September 2024
The Scotch Whisky Association (SWA) released new figures revealing that exports of Scotch Whisky in the first half of 2024 fell by 18% compared to the same period in 2023. However H1 2024 remains, at £2.1bn, the 4th highest value export total since record began.
By volume, India is the largest market, with growth of 17.3%
12 September 2024
The Scotch Whisky Association (SWA) released new figures revealing that exports of Scotch Whisky in the first half of 2024 fell by 18% compared to the same period in 2023. However H1 2024 remains, at £2.1bn, the 4th highest value export total since record began.
By volume, India is the largest market, with growth of 17.3% in the first half of 2024 compared with the previous year. This is despite the current 150% tariff on imports remaining in place.
Top 10 Markets - H1 2024
By Value
- United States: £421.4 -3.5% (£436.5m in H1 2023)
- France: £158.5m -32.6% (£235.1m in H1 2023)
- Singapore: £128m -22.3% (£164.7m in H1 2023)
- Taiwan: £117.1 -21.5% (£149.1m in H1 2023)
- India: £105.7 +11.9% (£94.5m in H1 2023)
- Japan: £80m -7.5% (£86.5m in H1 2023)
- China: £77.9m -42.4% (£135.1m in H1 2023)
- Germany: £63.5m -30.3% (£91m in H1 2023)
- UAE: £61.3m +0.1% (£61.2m in H1 2023)
- Spain: £61.1m -24.9% (£81.4m in H1 2023)
By Volume
- India: 85m bottles +17.3% (72.5m bottles in H1 2023)
- France: 76.7m bottles -13.1% (88.2m bottles in H1 2023)
- United States: 54.6m bottles -7.6% (59.2m bottles in H1 2023)
- Japan: 34.7m bottles +13.4% (30.6m bottles in H1 2023)
- Spain: 21.6m bottles -24.1% (28.5m bottles in H1 2023)
- Germany: 21.5m bottles -21.2% (27.3m bottles in H1 2023)
- Türkiye: 17.4m bottles -5.7% (18.5 bottles in H1 2023)
- Brazil: 16.5m bottles -22.9% (21.3m bottles in H1 2023)
- Poland: 16.2m bottles -1.8% (16.5m bottles in H1 2023)
- China: 13.8m bottles -14% (16.1m bottles in H1 2023)
CaneCo Ltd Closes Due To Sale Of Renegade Rum Distillery
CaneCo Ltd Closes Due To Sale Of Renegade Rum Distillery
CaneCo Ltd Closes Due To Sale Of Renegade Rum Distillery
2 September 2024
The Renegade Rum Distillery Ltd is being sold and as a result CaneCo Ltd is no longer required to provide sugarcane for its operations, so it is being wound down with effect from 1 September 2024. All employees of CaneCo Ltd are being made redundant. CaneCo Ltd was established in 2016 as part of the Renegade Rum Group, fo
2 September 2024
The Renegade Rum Distillery Ltd is being sold and as a result CaneCo Ltd is no longer required to provide sugarcane for its operations, so it is being wound down with effect from 1 September 2024. All employees of CaneCo Ltd are being made redundant. CaneCo Ltd was established in 2016 as part of the Renegade Rum Group, for the purpose of growing and delivering sugarcane to the Renegade Rum Distillery Ltd at Conference, St Andrew, Grenada.
The full press release can be found at Mikey Live.
Mackmyra Svensk Whisky Files For Bankruptcy
CaneCo Ltd Closes Due To Sale Of Renegade Rum Distillery
Mackmyra Svensk Whisky Files For Bankruptcy
19 August 2024
Mackmyra Svensk Whisky announced that the Swedish distillery had filed for bankruptcy. Mackmyra was founded in 1999 and became the first of the new wave of world whisky distilleries to be currently active in Sweden.
Whisky Scotland Ltd 'Scam' Faces Scrutiny
Man Charged With S$12 M Wine Investment Scheme Fraud
Mackmyra Svensk Whisky Files For Bankruptcy
16 August 2024
Andrew Penman reported in the Express that the accounts that Whisky Scotland should have filed to Companies House by February 29 this year are overdue.
Also read investor's reviews of Whisky Scotland Ltd on Truspilot.
TikTok Updates Alcohol Advertising Policy
Man Charged With S$12 M Wine Investment Scheme Fraud
Man Charged With S$12 M Wine Investment Scheme Fraud
13 August 2024
The Spirits Business reported that popular social media app TikTok has quietly updated its advertising policy to allow alcohol adverts on the platform. In the article Georgie Collins outlines the restrictions and specific requirements.
Man Charged With S$12 M Wine Investment Scheme Fraud
Man Charged With S$12 M Wine Investment Scheme Fraud
Man Charged With S$12 M Wine Investment Scheme Fraud
8 August 2024
Chanel News Asia reported that the man behind a multi-million dollar wine investment scheme was charged for allegedly conspiring to misappropriate more than S$12 million (US$9 million), police said. Between February 2007 and June 2011, Eldric Ko, the former CEO of Premium Liquid Assets (PLASG), had offered to sell investors
8 August 2024
Chanel News Asia reported that the man behind a multi-million dollar wine investment scheme was charged for allegedly conspiring to misappropriate more than S$12 million (US$9 million), police said. Between February 2007 and June 2011, Eldric Ko, the former CEO of Premium Liquid Assets (PLASG), had offered to sell investors 'En Primeur' wine, or wine that had yet to be bottled. Under this scheme, investors have to wait for a few years for the wine to be bottled. Thereafter, PLASG would store the wine on the investors’ behalf in an overseas warehouse for a number of years. Ko left Singapore in May 2011 shortly before the police started investigations into PLASG's wine investment scheme, but was arrested after he returned to Singapore in May 2024. Ko faces 15 charges in total. (image originates from Oriental daily)
Have You Been Contacted by Cask Whisky Ltd?
Man Avoids Jail After £10M Scotch Whisky Scam
Man Avoids Jail After £10M Scotch Whisky Scam
31 July 2024
The City of London Police launched an investigation into another whisky investment company as part of the force’s commitment to protect the UK from the threat of fraud and economic crime. Detective Inspector Stephen Weller, from the Serious Organised Crime Team at City of London Police, said:
“Investment fraud is an incredibly
31 July 2024
The City of London Police launched an investigation into another whisky investment company as part of the force’s commitment to protect the UK from the threat of fraud and economic crime. Detective Inspector Stephen Weller, from the Serious Organised Crime Team at City of London Police, said:
“Investment fraud is an incredibly callous form of criminality, that can leave victims in financial ruin.
“Regarding Cask Whisky Ltd, we are investigating an allegation of fraud and seeking to establish if any criminality has taken place.
“If you have made any investments with Cask Whisky Ltd, or have been contacted by Cask Whisky Ltd, we would ask you to submit information to help us build a bigger picture and help our ongoing enquiries."
Man Avoids Jail After £10M Scotch Whisky Scam
Man Avoids Jail After £10M Scotch Whisky Scam
Man Avoids Jail After £10M Scotch Whisky Scam
8 July 2024
The Mirror reported that Casey Alexander avoided jail after scamming elderly Americans in £10 million Scotch whisky scam. The FBI identified more than 150 victims of the fraud who invested more than £10.1 million. Casey Alexander told the OAPs they would see a return in three years.
Police Investigate Cask Whisky Fraud
Man Avoids Jail After £10M Scotch Whisky Scam
Police Investigate Cask Whisky Fraud
19 June 2024
Police investigation into whisky cask fraud at Cask Whisky Ltd, asks for clients to get in touch in 'Operation Gamboge':
'On 04.06.24 Officers from The City of London Police executed a search warrant at the premises of Cask Whisky, in connection to an allegation of Fraud. No persons have been arrested at this stage, but the inv
19 June 2024
Police investigation into whisky cask fraud at Cask Whisky Ltd, asks for clients to get in touch in 'Operation Gamboge':
'On 04.06.24 Officers from The City of London Police executed a search warrant at the premises of Cask Whisky, in connection to an allegation of Fraud. No persons have been arrested at this stage, but the investigation team will seek to speak to company directors/employees and staff under police caution. The company purports to trade in Whisky Casks, selling directly to clients, with casks to be held in HMRC bonded warehouse facilities.'
FCA Issue Update To Alert Investors
25% Of Deaths Caused By Alcohol & Other Products
Police Investigate Cask Whisky Fraud
18 June 2024
The Financial Conduct Authority update to alert investors being targeted by scammers: "We are issuing an update because we have become aware that investors holding Whisky Scotland bonds are being approached by persons who are claiming they are able to assist investors in recovering their investment.
"This follows our previous u
18 June 2024
The Financial Conduct Authority update to alert investors being targeted by scammers: "We are issuing an update because we have become aware that investors holding Whisky Scotland bonds are being approached by persons who are claiming they are able to assist investors in recovering their investment.
"This follows our previous update, to alert investors who bought certain bonds via the ‘My Investment Hub’ platform, who were being targeted by scammers, to the risk of fraud by recovery rooms."
25% Of Deaths Caused By Alcohol & Other Products
25% Of Deaths Caused By Alcohol & Other Products
25% Of Deaths Caused By Alcohol & Other Products
12 June 2024
New WHO (Europe) report attributes nearly 7,500 deaths per day, 25% of deaths, in the region to commercial products and practices such as tobacco, alcohol, processed food and fossil fuels. The report highlights key strategies used by commercial actors to negatively influence health policies and says there is a need for robust
12 June 2024
New WHO (Europe) report attributes nearly 7,500 deaths per day, 25% of deaths, in the region to commercial products and practices such as tobacco, alcohol, processed food and fossil fuels. The report highlights key strategies used by commercial actors to negatively influence health policies and says there is a need for robust financial reforms and strict regulation to curb industry power and protect public health.
Whisky Intelligence Report Q2 2024
25% Of Deaths Caused By Alcohol & Other Products
25% Of Deaths Caused By Alcohol & Other Products
11 June 2024
Performance and trends during the first four months of 2024. This period has been notably challenging for the secondary market, reflecting broader economic pressures.Great time for buyers: average prices are down. The £100 to £1,000 price bracket accounted for 90.4% of volumes traded.
A Century Of Martinis In Literature
May 2024
One Hundred Years of Martinis in Graphs
‘Martini Cocktail’, according to Edward Spencer in his 1925 treatise on liquids ‘The Flowing Bowl’ consists of ‘Thirty drops of gum syrup, thirty drops of orange bitters, half a wine-glass of gin, and half a wine-glass of vermouth;’ and if that doesn’t raise a modern bartender’s eyebrow, he adds the instructions to ‘fill with crushed ice, shake, strain, and ...READ MORE
Suntory Confirms All Its Exported 'Japanese Whisky' Will be Japanese Whisky
4 April 2024
The House of Suntory announced that its exported brands will comply with new labelling standards enacted on 1 April 2021 by The Japan Spirits & Liqueurs Makers Association (JSLMA).
The new rules mean that from 1 April 2024 bottles cannot be labelled 'Japanese Whisky' unless they are actual Japanese Whisky. Suntory named nine of its brands that currently comply with the Japanese Whisky labelling standards: Yamazaki and Hakushu Single Malts, Chita Single Grain, and three blends: Hibiki, Toki and Kakubin (brands available in global markets) as well as Suntory Old Blended, Suntory Royal Blended, Suntory Special Reserve Blended.
Noble & Co Whisky Intelligence Report Q1 2024
4 April 2024
20 March 2024
The sixth Noble & Co Whisky Intelligence Report, which reviews the performance of the fine and rare whisky at auction. was published. The key highlights are that volumes at auction are in decline, down by 11% in Q4 2023 vs Q4 2022. This is mostly being seen at the lower-priced bottles, with £100-£1,000 down by 11.4% and £1,000 to £10,000 down by 9.4.
Volume declines worsened through December and January, even accounting for seasonality. Bottles between £100 and £200 were down by 20% in December 2023 vs December 2022, and 21% in January 2024 vs January 2023.
Wisgy Weekly Launched
22 February 2024
Welcome to a new class of whisky magazine for the enlightened spirits enthusiast, collector and trader. Wisgy Weekly will draw together original whisky commentary from various writers. All of our contributors are free to be outspoken, just as long as they are able to be enlightening and entertaining too.
Bimber Founder Facing Extradition to Poland
12 February 2024
A Bimber Distillery plot twist was widely reported in UK press after celebrated Bimber distillery founder 'Dariusz Plazewski' was arrested in London, to face extradition to Poland accused of conspiracy to murder and supply drugs. It was reported that the Bimber and Dunphail founder (named as Lucasz Ratajewski), was accused of having fled Poland in 2004 to start a new life in London under an assumed name.
Shortly after this news became public, the Bimber and Dunphail websites issued a statement saying that 'Dariusz Plazewski has relinquished all his responsibilities for both Bimber and Dunphail Distilleries and is handing over all decision-making and operational matters to the existing, experienced teams.'
Diageo Publishes 'Challenging' 2024 Interim Results
30 January 2024
Diageo reported its organic net sales declined by 23% in Latin America and Caribbean driven by lower consumption and consumer down-trading due to macroeconomic pressures in the region. Diageo's total operating profit declined 11.1% and its organic operating profit declined 5.4%.
Still, it wasn't all bad, Diageo reported net sales of $11.0 billion, which generated $2,146 million net cash from operating activities.
2023
World Health Organization Publishes Global Report on The Use of Alcohol Taxes
5 December 2023
Six months after the World Health Organization published a statement that 'there is no safe amount that does not affect health' (The Lancet Public Health, April 2023) the WHO published its first global alcohol report to compare tax levels and tax policies between countries.
City of London Police Says Stay Vigilant Over Misleading Whisky Investment Ads
30 November 2023
"The lure for potential investors is that you buy a cask of whisky when it is first produced and as the whisky ages in the barrel, it becomes something worth more to the consumer and as such, your initial investment becomes more valuable."
"In 2023, there were 89 reports made to Action Fraud about alcohol investments, with losses totalling over £3 million. This shows that aside from misleading advertisements, fraudulent activity is taking place with whisky investments proving to be an enticing opportunity for unsuspecting investors."
Former Fraudster's Career is Whisky Business
30 November 2023
The Mirror's 'scam busting journalist' Andrew Penman tracked down fraudster Spencer Mitchell Steinberg (who was jailed in 2016 for over six years or his role in a £78million investment fraud) to whisky investment firm Cask Trade Limited, where his job title is Head of Finance.
Steinberg and accomplices claimed to have a contract to supply goods to the 2012 London Olympic Village, as well as contracts with major hotel chains, but it was all a sham to lure investors into parting with their money.
Oldest Whisky Ever? 'It's Marketing, Not Science'
26 November 2023
Adam Herz in the 'LA Whisk(e)y Society' queries the science behind the dating attributed to the 'World's Oldest Scotch Whisky' by WhiskyAuctioneer’s publicity. The 'science, [is] peppered with conflicting claims, misleading language, and guesswork.'
Bottle of Whisky Sells For £2.2m
20 November 2023
The world's press reported that a bottle of The Macallan 1926 became the highest selling spirit (or wine) at auction after selling for £2,187,500) in London.
The Strange Case of The Whisky That Never Was
8 November 2023
Whisky is investment gold - it always has been. But in the case of ‘cask investment schemes’, it’s an increasingly perfidious endeavour governed by parasitical imposters, posing as informed, knowledgeable and well connected members of the whisky trade. It’s nothing short of a stain on the industry, argue Nick Morgan and Isabel Graham-Yooll.
ASA Publishes Enforcement Notice on Advertising of Whisky Cask Investment
3 November 2023
This Enforcement Notice provides guidance to advertisers of whisky cask investments. Offers for such financial products need to be easily understood by the audience addressed, must not omit material information that consumer’s require to make informed decisions and must be socially responsible. The complete Enforcement Notice: Advertising of Whisky Cask Investments.
Insolvent Whisky Advisors Ltd to be Shut Down
13 October 2023
The Gazette Official Public Record announced HMRC's petition to the High Court to wind up Whisky Advisors Ltd due to insolvency The hearing was scheduled for to be heard at the High Court, Royal Courts of Justice on or after 25 October 2023.
Director Krzysztof Maruszewski, a Keeper Of The Quaich, is better known as director of Stilnovisti and owner of Whisky Quarterly.
Auction Announces Sales of 24 Bottles of 'World’s Oldest Scotch Whisky'
25 September 2023
Whisky believed to be distilled almost 200 years ago - and therefore the oldest known Scotch whisky in existence - 'and possibly sipped by a young Queen Victoria' was discovered in 2022 behind a hidden cellar door of the 750 year old Blair Castle in Scotland... to be offered for sale at auction.
The 40 bottles of whisky are believed to have been distilled in 1833 and bottled in 1841 (then re-bottled in 1932). It is announced that 24 of the bottles will be sold at auction in November 2023.
ASA Ruling on Blackford Casks Ltd t/a Whisky Investment Partners
23 August 2023
The online adverts claimed that 'Cask Investment Get Returns upto [sic] 12% Per Annum'. This was misleading because not only were the claims unsubstantiated by any evidence, they also did not make clear the risks involved in whisky investment.
The ASA also challenged that the ads were misleading because they did not make clear that fees applied, or that there were terms and conditions to the service; and adverts were irresponsible because they took advantage of consumers’ inexperience and credulity by suggesting that whisky investment was a suitable choice for retirement funds or for investment of savings.