Brexit could push up the price of wine
‘Brexit could push up the price of wine’, Majestic Wine boss Rowan Gormley says
Wine prices could rise if the UK votes to leave the EU in the upcoming referendum. It according to the head of the largest specialist wine retailer in the UK.
Rowan Gormley, chief executive of Majestic Wine, said that the supply chain would not be affected.
He said: ‘If a Brexit does happen and that results in the sustained fall in value of the pound, all imported products will have to go up in cost over time and wine will be no exception to that.’
Speaking to Retail Week he added: ‘It is unlikely to help volume growth return to the market.’
That it would also impact other wine retailers, so there would be a rise in the cost of a bottle of wine all round.
He added that trading conditions ‘remain tough’ at the company’s 210 UK outlets. But it is still aiming for £500 million of sales by 2019.
Gormley made the comments as Majestic announced its first sales growth in four years, one year into a turnaround plan.
The plan was put together by Gormley, who became chief executive when Majestic bought Naked Wines, a wine-buying crowdfunding platform, in April 2015.