The Drinks Business: Lay & Wheeler and WineFi launch fine wine investment syndicate

Full Article: https://www.thedrinksbusiness.com/2025/09/its-us-versus-the-red-trouser-brigade/

For Callum Woodcock, founder of fine wine investment syndicate WineFi, it’s all about beating ‘the red trouser brigade’, as he employs nothing more than market data to trump the traditional human expert.

While the sartorial reference was made in jest, it was used to make a serious point about a data-driven model for wine investment, as Woodcock explained the basis for WineFi in a podcast with db – held ahead of his appearance at our conference on Wednesday 8 October, which you can sign up to here.

Turning his attention to what drew him away from a career in finance, Woodcock said that he was attracted to the wine business because he saw an opportunity, and loved the product.

“It didn’t take me long to look at fine wine as both a consumable and an investment,” he told db.

Continuing he said, “The characteristics of fine wine, the tax efficiency of investing in fine wine in the UK, makes it particularly interesting; and the thing that fascinated me about it, is that I built a small wine portfolio prior to founding WineFi and it was by far the most interesting part of my investment portfolio.”

“… And then when I started looking at the data side, we jokingly say in a trading perspective, it’s about us versus the red trouser brigade in terms of spotting what may or may not outperform, and that just made it way more compelling, because you cannot do that in traditional asset classes – those gaps have closed – and you can’t really do it in other collectibles either because the data is not there.”

Essentially, in Woodcock’s words, “we are applying cutting-edge quantitative analysis to an asset class that is unique amongst collectibles in that there is real time trading data going back 25 years that can be used to back-test different scenarios and understand what factors actually impact price appreciation in fine wine.”

The planned result for this start-up wine investment syndicate, which is backed by Coterie Holdings, is that WineFi “will over time dramatically outperform the wider market benchmark.”

While the investments made are based on “mathematical models”, Woodcock assured db that “We do have a head of investment who is a wine expert that backs anything that goes into a portfolio, but we use our cognitive models to narrow down the universe of wines.”

Full Article: https://www.thedrinksbusiness.com/2025/07/lay-wheeler-and-winefi-launch-fine-wine-investment-syndicate/

The new Lay & Wheeler Collection, which is open to investors until 20 August with a minimum investment of £3,000, is a “data-driven, expertly-curated” wine investment syndicate that “draws together premium allocations from Burgundy, Bordeaux, Napa Valley, Champagne, Tuscany and select producers beyond these regions”, according to a post on LinkedIn, including a small allocation of emerging regions such as Piedmont, Spain, Rhône, and South Australia.

The anticipated holding period is five years, the company confirmed, although individual wines may be sold “opportunistically” over the life of the syndicate, to make the most of the market. It highlighted that the current softness in fine wine prices “presented a rare opportunity to acquire exceptional bottles at levels not seen in several years”.

The launch comes off the back of the fine wine investment platform’s successful £1.1 million crowdfunding drive which was launched to provide cost-effective way of investing in fine wine with a professional asset management ethos that would “make fine wine so accessible that it can feasibly form a part of every portfolio”.

WineFi, which is part-owned by Coterie Holdings, was launched in October 2023 by Callum Woodcock, a financial asset manager who came to wine through investing, with Coterie Holdings brought in “very early in the platform’s development”, Woodcock told db. Coterie’s CEO Michael Saunders was appointed a director in February 2024.

Matthew Small, the former senior portfolio manager of Cru Wine who was appointed as WineFi’s Head of Investment earlier this year is the syndicate’s portfolio manager, backed by an investment committee that includes industry stalwarts Peter Lunzer, Alan Griffiths MW and James Fletcher. Shenil Patil, co-founder of advisory group Drinks Sherpa and former CEO of Lucky Saint, is also on the board.

Speaking to db last October, Woodcock explained that as part of the wider Coterie group, WineFi would be able to use Coterie Vaults to store its wines, while sourcing and brokering wine through Coterie’s subsidiary merchant Lay & Wheeler. It could also offer clients the ability to borrow against the value of their portfolios through Coterie’s fine wine finance arm, Jera.

In addition, the tie-in boosted WineFi’s credibility, Woodcock said and “made a lot of people sit up and take notice of what we are doing”.

Speaking to db last June, Saunders said that data would be a key plank of the wider business’ ambitions and broadened its knowledge of what’s going on in the market. “What we’re trying to do across all our businesses is become the repository of the best fine wine data in the game,” he said.

The fine wine scene has long captivated collectors and speculators alike. The subject is undoubtedly glamorous and cerebral, but for those attuned to the nuances of terroir and the long-term nature of the market, one can’t help but notice its track record as a relatively stable, appreciating asset. Value is underpinned by scarcity, prestige, and centuries of tradition, not to mention the potential for sensory pleasure in drinking the world’s best bottles. In many jurisdictions, the appeal of collecting is further enhanced through tax advantage, with sales exempt from capital gains thanks to wine’s classification as a wasting chattel.

Yet for all its romance, wine investment has remained an inherently elitist and capital intensive pursuit. At the whims of fashion, vintage variation and the changing opinions of critics, building a successful portfolio also demands a solid understanding of the pitfalls associated with sourcing, provenance, storage, and market timing. Opaque brokerage fees can erode returns, while fraud is a constant risk. These complexities and expenses are daunting, especially for new investors, and often enough to deter even the most curious. For many, the barriers to entry are just too high.

WineFi, a London-based fintech startup, aims to dismantle those barriers. Founded by ex asset manager Callum Woodcock and his long term collaborator Oliver Thorpe, the business seeks to democratise wine investment by combining an intuitive, data-rich platform, a transparent ownership structure and the opportunity to spread risk through broader exposure. "WineFi makes investing in wine as seamless and cost-effective as placing a trade on Robinhood or eToro" Woodcock says. Their concept is built on the belief that fine wine can be both an elite collectible and an accessible investment - if the right tools are in place.

The platform offers two distinct entry points. The most innovative is a syndicate model, designed for accessibility and diversification: investors can start with as little as £3,000 and buy into thematic portfolios such as an Italian collection or Champagne selections. These portfolios are curated by WineFi’s investment committee and constructed off the back of market data, vintage dynamics, and long-term value potential. Although a common vehicle for pooling smaller amounts of investor capital, it is not a concept that has taken off in the wine world. In essence though, the accumulated funds can help achieve exposure to a much broader collection of wines than most people could achieve independently.

For more sophisticated investors, with the confidence and inclination to manage their own affairs, a private client route is available. Here, a bespoke portfolio can be tailored to preference. In both cases, clients retain full beneficial ownership of the underlying wines, which are held in storage under their own names. All wines are stored with Coterie Vaults, a government-bonded, climate-controlled facility in the UK. This not only preserves provenance and condition, but also ensures the wines remain outside the VAT regime until removed for delivery or sale. Assets are insured, independently audited, and never mixed with company inventory. WineFi claim these structural safeguards to be a strong point of differentiation.

The company infrastructure is built on a proprietary platform that analyses over 18 million data points, across more than 100,000 wines. This facilitates an assessment of risk-adjusted return potential based on historical price trends, critic scores, liquidity, and potentially other regional macro factors. Wines are cross-checked against data from Liv-ex and Wine-Searcher, ensuring that acquisition costs are benchmarked and transparent. Numbers alone aren’t enough though. Every portfolio is also subject to qualitative review by WineFi’s internal team and external advisors, including Peter Lunzer, who formerly managed one of the world’s largest wine funds.

On the user side, clients can view real-time valuations of their holdings, track performance, and explore new investment opportunities with the same ease they might expect from a stock trading app. Unlike traditional merchant-led systems, which can sometimes obscure margins and bury fees in the wine price, WineFi separates product, service, and storage into clear, itemised components. “In an esoteric asset class like fine wine, education is critical in helping investors understand whether it should play a part in their portfolios.” says Woodcock. “We produce detailed market reports, and produce truly best-in-class analysis that allows investors to compare wine to other asset classes. Without this ability to compare 'apples to apples', fine wine investment will always remain on the periphery.”

Collectively, this setup equates to a “zero trust” framework, a term Woodcock uses intentionally, meaning that every assumption must be supported by third-party validation. "Clients should never have to take our word for it," he says. “We solicit third-party audits for everything from asset segregation, storage conditions and conflict of interest policies.” The company conducts regular audits, uses independent pricing data, and does not hold inventory itself, removing conflicts of interest that have occasionally undermined the space.

The fee model is also straight forward: typically 12.5% upfront, which is equivalent to 2.5% per annum over a five year holding period, which covers sourcing, brokerage, insurance and the relevant amount of storage. If held longer than that, storage and insurance is taken 'at cost' from the eventual sale price of the wine. Syndicate charges are clearly front loaded, but you’re not in charge of when you sell anyway. “For our syndicates, the wines are jointly-held by syndicate members and gradually sold down when the time is deemed right to maximise returns. Proceeds are then distributed pro rata to members.” Naturally, private clients are free to instruct a sale at any time.

Launched in 2023, their vision attracted interest from both the HNW individuals and the wine trade. Following successful capital raises, the company has recently secured a further £1.5 million ($2 million) in seed funding from SFC Capital and Founders Capital in a round led by Coterie Holdings, who own fine wine merchants such as Lay & Wheeler and Hallgarten & Novum wines. Shilen Patel, the chairman of Lucky Saint and NICE, and Jonathan Keeling, the former CGO of Crowdcube sit on the board, while Coterie’s CEO, wine trade veteran Michael Saunders, will have a seat. The relationship with Coterie should ultimately provide the ability to buy and sell at a scale typically off-limits to all but the largest wine merchants.

Beyond the obvious commercial incentives, the concept of engaging a new audience is attractive for Coterie. The average WineFi investor is 38 years old - nearly two decades younger than the traditional fine wine buyer. Many are digital-native investors who enjoy wine but wouldn't dream of spending thousands on bottles just to drink. With WineFi, they can enjoy the cultural capital of owning Grand Cru Burgundy or Super Tuscans, while also pursuing long term financial returns.

These are individuals who might already hold positions in crypto, private equity, or even contemporary art collections. For them, wine is not only a tangible store of value, but also a source of narrative capital - something to talk about, share, and take pride in. “These holdings become the fun part of their portfolio,” says Woodcock. "You can talk about them at a dinner party in a way you just can't talk about your index fund."

This is of course an unregulated asset class, meaning almost anyone can set themselves up as a "wine investment business" whether or not they know anything about either investing or wine. Indeed, as with all alternative asset classes - such as art, watches and classic cars - the investment grade wine space can be illiquid. Getting your money out when you want may not be easy, and valuations can fluctuate.

Nevertheless, WineFi’s emergence aligns with a broader redefinition of what alternative investing looks like in 2025. A decade ago, fine wine sat squarely in the domain of collectors and the ultra-wealthy. Today, technology is enabling a new class of investors, and speculators, to get in on private credit, venture funds, and luxury collectibles, all as part of a modern, diversified portfolio and at relatively low expense. A recent Preqin study estimates that by 2030, there will be nearly $30 trillion allocated to alternative assets.

Although a new company with very little track record behind them, WineFi is confident in its proposition. Following a seven-figure revenue year and an average 24% month-on-month growth rate, WineFi is now focused on scaling without compromising service quality. “We need to ensure that customer service remains world class. Whilst we have designed the platform to allow investors to self-serve on both new investment opportunities and the value of their existing portfolio,” Woodcock notes, “any WineFi investor should always be able to pick up the phone and speak to us should they so choose.”

Interest is clearly growing, and the platform is actively developing new tools for investor benchmarking, asset comparison, and long-term performance tracking. It is also exploring blockchain solutions through a partnership with Lympid, with the goal of enabling fractional ownership and enhanced traceability. The team are extremely bullish on the potential for tokenization to revolutionise the fine wine markets.

“We are bringing a whole new demographic to fine wine, some of whom do not fit the classic profile of a fine wine collector or investor” says Woodcock. “This isn't something to be feared by the trade. More capital coming into the space benefits the entire ecosystem, from producers, to merchants, to storage providers and third-party logistics providers. We are not competing for a slice of the pie, we are making the pie bigger for everyone!”

So, if you’re going to chat business at the dinner party, wouldn’t you rather discuss the great wines of the world than the S&P 500?

Link to article: https://www.forbes.com/sites/paulcaputo/2025/06/17/how-winefi-is-shaking-up-the-wine-investment-space/?ctpv=searchpage