The auditor of one of the UK’s largest fine wine investment companies has warned that its future could be in “significant doubt” without further funding, underlining a sector-wide slump made worse by US tariffs.
The warning came in the latest accounts of Cult Wines, the business co-founded by Tom Gearing, a former finalist on the UK version of The Apprentice, that revealed pre-tax losses of £5mn in 2024.
While that was an improvement on the £6.4mn Cult lost in the 2023 financial year, the accounts also showed a 43 per cent drop in turnover and an increase in net liabilities to £21.6mn from £17.1mn a year earlier.
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