Archive for April, 2011

A new take on wine investment…

Posted in Uncategorized on April 15, 2011 by AB

As readers of our blog may have seen in the press recently, Bid for Wine is currently seeking investment to expand operations. As such I felt it appropriate to give a full, official, explanation here.

Just over three years ago we set up Bid for Wine to challenge the brokers and the auction houses. We aimed to offer the best of both worlds along with a slimmer fee structure and the opportunity for users to trade directly with one another via our platform – the perfect way to dispose of professionally stored stock or odd/surplus bottles without the hassle of using an intermediary.

Now, in April 2011, our business is in a strong position – £1m of sales are projected for this year, we have recognition and referrals from many sectors of the trade – both UK and internationally – and a fledgling operation in Singapore which offering customers access to this valuable but relatively unheralded section of the Far Eastern market (and of course, in reverse, access for Singaporean customers to mature European stock).

Our trading record over the past three years has shown that we have an excellent business model offering services which are much in demand. Furthermore our current position has been achieved with relatively few resources (only one full time member of staff – myself – and limited private funding). We’re fielding ever increasing numbers of enquiries about selling through us but with our current resources, business structure and management team we’re limited in the volume of stock we can handle. It’s because of this that we’ve been undertaking preliminary talks with potential partners and investors who share our vision and belief in the business.

We have a number of ambitious plans but initially intend to focus our efforts in two core areas in the near future: improving the experience for customers selling in or buying from our monthly sales, and leveraging historical sales and transaction data to suggest guide prices for people using our ‘direct sales’ option.

Bid for Wine will continue to host regular online auctions as well as monthly sales of consigned stock – often the perfect place to pick up sensibly priced wines close to their drinking window.