Homeland News
by Joe Gilbert
Published: June 13, 2024
Investment firm Cult Wines has entered into a multi-faceted agreement with Coterie Holdings, which will see its clients gain access to the Coterie Vaults bonded storage facility and also the Jera wine lending platform.
Coterie Vaults will now become the exclusive warehousing partner for Cult Wines and its customers via a purpose-built facility in Suffolk. The facility will be completed in the spring of 2023 and has a capacity of 10 million bottles.
Cult Wines customers will also have access to Jera, which is part of the Coterie portfolio. Jera uses asset-backed loans to provide collectors and investors with the opportunity to access liquidity from their wine collections without selling them.
As part of the agreement, Coterie Holdings and Jera are also expanding their support for Cult Wines by providing a secured lending facility.
“We are excited to partner with Coterie Holdings, a company that shares our vision for the future of the fine wine market,” said Tom Gearing, CEO of Cult Wines. “This agreement will enable us to deliver an unparalleled level of service and innovation to our clients, strengthening our position as a world leader in wine investment. Coterie Vaults is the UK's leading wine storage facility, and this partnership secures storage capacity for our clients and future business expansion.”
Michael Saunders, CEO of Coterie Holdings, added: “Here at Coterie, we are building an ecosystem that stands at the forefront of innovation and allows us to drive positive change in our industry. Through innovations like Coterie Vaults and Jera, we are setting new standards and elevating the customer experience in the fine wine sector to wonderful new heights. We are excited to be able to work with an industry leader and expand these services to Cult Wines clients.”
The Cult Wines deal is the latest move by Coterie to build on its goal of “enhancing the customer experience” in fine wine through data and innovation. It combines Cult Wines' network and wine investment expertise with Coterie's diverse menu of services, which also includes fine wine merchant Lay & Wheeler. Most recently, it purchased Hallgarten & Novum Wines from former owners the Pieroth family late last year.
Meanwhile, Cult Wines was founded in 2007 with the goal of leveraging intuitive digital platforms and data-driven technology to revolutionize how consumers buy, sell and collect wine. It now has nearly £250m of wine assets under management.
