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.
Peter Shakeshaft, CEO of Vin-XPeter Shakeshaft, CEO of Vin-X
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.

Hide Ad
Hide Ad

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.

Hide Ad
Hide Ad

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.”

For more information visit: https://www.vin-x.com/

* Don’t miss out on all the latest breaking news where you live.

Here are four ways you can be sure you’ll be amongst the first to know what’s going on.

1) Make our website your homepage

2) Like our Facebook page

3) Follow us on Twitter

Hide Ad
Hide Ad

4) Register with us by clicking on ‘sign in’ (top right corner). You can then receive our daily newsletter AND add your point of view to stories that you read here.

And do share with your family and friends - so they don’t miss out!

Always the first with your local news.

Be part of it.

Related topics: