Cask investment firm hits €4m turnover in first six monthsBy Melita Kiely
London-based cask investment company Whiskey and Wealth Club has reported turnover of more than €4 million (US$4.45m) in its first six months of business.
Friends Jay Bradley, Scott Sciberras and William Fielding founded Whiskey and Wealth Club with the aim of connecting Irish whiskey lovers with Irish distilleries.
The firm sells mature Irish whiskey casks, or casks just filled with new make spirit, to individual consumers, which are then stored in a government bonded warehouse “typically for three to five years”.
Owners can then decide if they want to continue maturing their whiskey, or bottle it for personal use or sale.
The company said it was on track to reach €10m (US$11m) in sales by the end of 2019, and forecasts turnover in 2020 will surpass €24m (US$27m).
Whiskey and Wealth Club currently works with Boann Distillery and has previously sold casks from West Cork Distillery.
Whisk(e)y cask investment has become increasingly popular in the last year. In June, Edinburgh-based whisky technology company Uisge Tech launched Caskshare to “transform the way” whisky fans purchase single cask spirits.
Last month, an entrepreneur partnered with several spirits professionals to launch a marketplace for trading whisky casks, called Cask Trade.