FINE+RARE, the specialist Fine Wine broker based in London, has won the Queen’s Award for International Trade.
The achievement follows growth in the company’s international trading operations, in the US and in Asia, where it opened an office in Hong Kong in 2009. As a result, the company has seen its international trade division increase its exports by 153% over three years to £36m, which in the final year represented 68% of total sales.
Mark Bedini, chief executive officer of FINE+RARE, said: “Winning the Queen’s Award for International Trade is testament to the tremendous work that our team has done over the last three years in broadening our international customer base and creating the best wine trading platform in the world.”
Fine+Rare claims to have launched the first European web site dedicated to fine wine in 1996 and went on to develop WineDesk – a proprietary trading platform, which constantly updates prices and availability on over 34,000 wines that can be bought and sold through a team of over 20 wine brokers based at its headquarters in London.
In 2010, the company executed over 17,000 transactions for its customers, buying and selling around 50,000 cases of fine wines to customers all over the world. The average price of a bottle of wine sold by FINE+RARE increased from £36.00 in 2004 to in excess of £94.00 in 2010.
Bedini said: “We have a long-term strategy to further develop the Asian Markets, with China now a significant buyer, and to meet growing demand from newer markets such as India and Brazil. Increasing sales in Europe and signs of recovery in the US mean we will continue to drive our sales efforts into all markets, confident of achieving further and continuing export growth on top of our very strong domestic results.”