Journal Archive

December 2024

The Whisky Cask Investment Companies of The United Kingdom

Alfred Barnard published his celebrated The Whisky Distilleries of the United Kingdom in 1887. The book was the culmination of a remarkable pilgrimage to every distillery in England, Scotland and Ireland. The travelogue became the most important record of the industry ever known. Now, 137 years later, whisky writer Iain Russell embarks upon his own pilgrimage to The Whisky Cask Investment Companies of The United Kingdom, and celebrates their sterling contributions.

9 December 2024

Noble & Co 2024 Fine & Rare Whisky Market Review reports that there has been a 16% decline in auction volumes and an 18% drop in value transacted. Bottles under £1,000 have shown relative stability, while the higher-value segments have faced sharper declines. Speyside remains dominant by value, while Islay and Campbeltown hold steady as collector favourites. The Macallan retains its lead, though overall volume has dropped by 51%. Springbank and Bowmore continue to capture attention with their premium offerings. Amid these challenges, the enduring appeal of fine whisky, driven by craftsmanship and heritage, provides optimism for market recovery.

1 December 2024

David Leask in The Herald on Sunday investigated 'Scottish company' Glendale's plans to bottle its whisky in Russia. Glendale's brand owner, Campbell Meyer, and its parent company JG Distillers are owned by Strathord Limited, a firm registered at a PO Box the British Virgin Islands, a Caribbean tax haven. 'Strathord, whose only meaningful trail on the internet is a brief mention in the Panama Papers, is managed by a veteran accountant in Guernsey.'

Juliet Swann, Nations & Regions Manager at the UK wing of Transparency International, is quoted in the article: 'UK companies must disclose who ultimately controls them, yet too often it's not their real owners you see on the public record.

'The opacity provided by the UK's offshore financial centres, such as the BVI and Guernsey, provide a smokescreen for those seeking to keep their identity secret.

'Were there greater corporate transparency in the BVI and the Channel Islands, and tougher enforcement of company law here, we'd know much more about this East Kilbride based company which seems to be doing business with a Russian firm.'

22 November 2024

Six reported deaths from suspected methanol poisonings from tainted drinks has drawn attention to the deadly risks to tourists. It has also highlighted the scale of the problem in poorer countries across SE Asia and globally. For more information we recommend Medecins Sans Frontiers' Methanol Poisoning Fact Sheet.Also take a moment to track the number of suspected methanol poisoning incidents worldwide. 

Then watch this short video about what Medecins Sans Frontiers is doing to tackle global outbreaks: Methanol Poisoning Initiative & MSF's Response.

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.

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.

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.

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.

30 October 2024

The ASA upheld a complaint about a Bowmore ad which featured different scenes of a man and a woman driving around Islay in an Aston Martin car visiting various places and a scene that featured the Bowmore distillery. It as ruled that the ad breached CAP Code (Edition 12) rules 18.1 and 18.12 (Alcohol) because it did not provide a sufficiently clear separation between the driving scenes and the distillery visit and the whisky being poured and appraised, indicating that they were going to drink it. The ASA concluded that the ad linked alcohol with driving and was irresponsible.

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.

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.

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.

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

1. United States: £421.4 -3.5% (£436.5m in H1 2023)
2. France: £158.5m -32.6% (£235.1m in H1 2023)
3. Singapore: £128m -22.3% (£164.7m in H1 2023)
4. Taiwan: £117.1 -21.5% (£149.1m in H1 2023)
5. India: £105.7 +11.9% (£94.5m in H1 2023)
6. Japan: £80m -7.5% (£86.5m in H1 2023)
7. China: £77.9m -42.4% (£135.1m in H1 2023)
8. Germany: £63.5m -30.3% (£91m in H1 2023)
9. UAE: £61.3m +0.1% (£61.2m in H1 2023)
10. Spain: £61.1m -24.9% (£81.4m in H1 2023)

By Volume

1. India: 85m bottles +17.3% (72.5m bottles in H1 2023)
2. France: 76.7m bottles -13.1% (88.2m bottles in H1 2023)
3. United States: 54.6m bottles -7.6% (59.2m bottles in H1 2023)
4. Japan: 34.7m bottles +13.4% (30.6m bottles in H1 2023)
5. Spain: 21.6m bottles -24.1% (28.5m bottles in H1 2023)
6. Germany: 21.5m bottles -21.2% (27.3m bottles in H1 2023)
7. Türkiye: 17.4m bottles -5.7% (18.5 bottles in H1 2023)
8. Brazil: 16.5m bottles -22.9% (21.3m bottles in H1 2023)
9. Poland: 16.2m bottles -1.8% (16.5m bottles in H1 2023)
10. China: 13.8m bottles -14% (16.1m bottles in H1 2023)

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.

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)

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."

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.'

The investigation team are asking Cask Whisky clients, to provide information to prove or disprove if criminal offences have taken place.

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."

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.

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

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.

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.

28 February 2024

The ASA upheld a complaint that Jack Daniels ad breached CAP Code (Edition 12) rules 18.1 and 18.6 (Alcohol). The ad depicted a group of people sitting around a table socialising with two people pouring Jack Daniel’s and mixer into a glass. 

The ad stated 'shorter days mean we can skip to the good part'. By suggesting that 'shorter days' meant that consumers could 'skip to the good part' of the day the ad implied that the rest of the day was mundane and a period of time to be endured and that drinking alcohol could overcome the boredom of the rest of the day. Furthermore, because the ad encouraged people to start drinking earlier than they would at other times of the year, it encouraged people to consume more alcohol than they usually would.

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.'

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.