New jobs at wine business after Brexit vote

Wine investment business Vin-X will thrive in Horsham after the UK's vote to leave the EU, says its CEO.

Friday, 24th June 2016, 4:36 pm
Updated Friday, 8th June 2018, 2:24 am
Peter Shakeshaft, CEO of Vin-X

Peter Shakeshaft said a fall in the value of Sterling following yesterday’s Brexit vote would see Vin-X have a ‘really good time’ and carry on with plans to employ 20 new staff at its office in Barclays House in Bishopric.

He admitted the devaluation would benefit UK’s wine exporters not importers.

But his company, which imports from 30 of the world’s top chateaus, had a large collection of vintage Bordeaux 2015 wines which were becoming more profitable to sell abroad. He explained the premium bottles would be sold in Sterling, so were becoming cheaper for his clients who would typically put them in storage as an investment.

He said: “We are an importer not an exporter - the value of the pound is completely important - a one per cent either way can affect our profit margin for wine prices.

“We think the wine investment idea is just like gold - as Sterling is being devalued we are going to have a really good time.”

The 58-year-old former corporate financier, who voted for the UK to remain in the EU, described having the Bordeaux batch was the ‘perfect hedge’ to protect the UK importer from the falling pound until the ‘dust settles’ after Brexit.

He said: “In the whole I’m optimistic even though I’m a remainer.

“We are in the processs of expanding and I’ve reviewed it - we will continue to expand.”

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