A line in grapes of worth

Chris Arnot talks to a former bank clerk who sells vintage wines and birthday nostalgia

WHILE waiting for Stephen Williams to come to the phone I was serenaded by musical monks warbling Gregorian chants down the line. Tapes like this are played to the goats on the Thorpe Constantine Estate in Staffordshire. "It calms them down and helps them produce more milk," said Mr Williams as the monks faded away. "We thought if we played it to customers, it might encourage them to spend more money." He paused. "It doesn't work."

Not that his Antique Wine Company is doing too badly. Turnover is approaching pounds 2.5m and he has just supplied a case of 1946 Sauternes to celebrate the 50th anniversary of the Yokahoma Grand International Hotel in Japan.

A growing taste for fine French wines among the businessmen of the Pacific rim has helped to ensure that prices at London auction houses have risen by 25 per cent a year in the past five years. Coupled with a lucrative deal with a top wine company in Miami, the Far Eastern business has given a substantial boost to a company that began in 1989 from the unlikely headquarters of Mr Williams's garage.

He has a dozen employees now. Most operate from offices in the farmyard at the hub of the 3,000-acre Thorpe Constantine Estate. Trans-Atlantic telephone calls are occasionally interrupted by the bellow of a particularly voluble bull.

Across the yard are the cellars that once housed the claret collection of William Ives, a 17th century vintner who owned Thorpe Hall and the surrounding lands. Today the brick-lined vaults are racked with row upon row of vintage wines, spanning over a century. Every year is represented, all the way back to 1893. The vast majority are from the Bordeaux region.

Needless to say 1893 Chateau Beaumonts and 1922 Chateau Lafites do not come cheap. How on earth did a former bank clerk from Derby manage to finance such an operation?

By 1979 he had decided that life behind the counter at Barclays was not for him. A new job working for an insurance company was more to his liking, particularly as it entailed a certain amount of corporate entertaining. He developed a taste for wine and began to learn more about it. "I saw the wine trade then as not particularly entrepreneurial. I felt that if I could apply my communications skills to a product I enjoyed, I should be able to take some market share."

He started in 1989. From his garage he conveyed cases of decent but not vastly expensive wine to the boardrooms of factories on industrial estates in the Midlands. At Christmas he sold gift packs. "But the trade was too seasonal and the wine business was more competitive than I'd thought. To build stronger margins I needed a way of spreading business throughout the year."

The idea came when a customer told him that its company chairman was retiring and asked if Mr Williams could get hold of a vintage bottle from the year he was born: 1920, as it happened. Here was a potential market. Birthdays, unlike Christmas, happen every day. Why not offer a presentation pack - a vintage from the year of birth, a copy of The Times from the exact day, and all encased in a lavishly padded leather-effect box?

He sold the commercial side of his business to one of his suppliers, negotiated a loan with his old bank and took out discreet advertisements in upmarket magazines.

It worked. By 1992 the Antique Wine Company had a turnover of pounds 250,000. To raise another pounds 600,000, he sold some of his shares to one of his wealthy customers.

He secured alliances with companies in the same market: Harrod's, Asprey's, the 21 Club in New York and the Jockey Club in Hong Kong. The growing perception of vintage wine as a long-term investment has helped to keep sales buoyant.

"Obviously a limited quantity of vintage wine is produced in the first place," says Mr Williams. "And as time goes by and an amount of it is drunk, then the value of what's left continues to rise."

Does anybody pay thousands of pounds for a bottle of wine and drink it? "We deal with some extremely wealthy people in the Far East, and it's an important part of their culture to show their wealth by consuming the best the West can produce." They are not alone. The company brochure includes a favourable letter from one Larry Ruvo of Navada, who paid around pounds l,500 each for bottles of 1924 and 1925 Gruard-Larose to entertain former President George Bush and his wife.

But Mr Williams is aware that even the finest vintage wines can very occasionally go past their drink-by date.

He pays pounds 6,000 a year for pounds 10m worth of product liability insurance in the United States - just in case a litigious customer discovers that his 1896 Chateau Latour tastes like sour goat milk.

Suggested Topics
Start your day with The Independent, sign up for daily news emails
Sport
Seth Rollins cashes in his Money in the Bank contract to win the WWE World Heavyweight Championship
WWERollins win the WWE World Heavyweight title in one of the greatest WrestleMania's ever seen
Arts and Entertainment
Louis Theroux: By Reason of Insanity takes him behind the bars again
tvBy Reason of Insanity, TV review
Arts and Entertainment
Cassetteboy's latest video is called Emperor's New Clothes rap
videoThe political parody genius duo strike again with new video
Arts and Entertainment
tvPoldark, TV review
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Retirement Coordinator - Financial Services

Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...

Recruitment Genius: Annuities / Pensions Administrator

Negotiable: Recruitment Genius: You will be the first point of contact for all...

Ashdown Group: HR, Payroll & Benefits Officer - Altrincham - up to £24,000.

£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...

Ashdown Group: Learning and Development Programme Manager

£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...

Day In a Page

No postcode? No vote

Floating voters

How living on a houseboat meant I didn't officially 'exist'
Louis Theroux's affable Englishman routine begins to wear thin

By Reason of Insanity

Louis Theroux's affable Englishman routine begins to wear thin
Power dressing is back – but no shoulderpads!

Power dressing is back

But banish all thoughts of Eighties shoulderpads
Spanish stone-age cave paintings 'under threat' after being re-opened to the public

Spanish stone-age cave paintings in Altamira 'under threat'

Caves were re-opened to the public
'I was the bookies’ favourite to be first to leave the Cabinet'

Vince Cable interview

'I was the bookies’ favourite to be first to leave the Cabinet'
Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat
Saudi Arabia's airstrikes in Yemen are fuelling the Gulf's fire

Saudi airstrikes are fuelling the Gulf's fire

Arab intervention in Yemen risks entrenching Sunni-Shia divide and handing a victory to Isis, says Patrick Cockburn
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media

The only direction Zayn could go

We wince at the anguish of One Direction's fans, but Malik's departure shows the perils of fame in the age of social media
Young Magician of the Year 2015: Meet the schoolgirl from Newcastle who has her heart set on being the competition's first female winner

Spells like teen spirit

A 16-year-old from Newcastle has set her heart on being the first female to win Young Magician of the Year. Jonathan Owen meets her
Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

If fashion is a cycle, this young man knows just how to ride it

British designer Jonathan Anderson is putting his stamp on venerable house Loewe
Number plates scheme could provide a licence to offend in the land of the free

Licence to offend in the land of the free

Cash-strapped states have hit on a way of making money out of drivers that may be in collision with the First Amendment, says Rupert Cornwell
From farm to fork: Meet the Cornish fishermen, vegetable-growers and butchers causing a stir in London's top restaurants

From farm to fork in Cornwall

One man is bringing together Cornwall's most accomplished growers, fishermen and butchers with London's best chefs to put the finest, freshest produce on the plates of some of the country’s best restaurants
Robert Parker interview: The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes

Robert Parker interview

The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes
Don't believe the stereotype - or should you?

Don't believe the stereotype - or should you?

We exaggerate regional traits and turn them into jokes - and those on the receiving end are in on it too, says DJ Taylor