Good News For Whisky Drinkers

  • Thread starter Thread starter Deleted account rno
  • Start date Start date
Parky said:
Yes, we get a small amount of interest, about 10% over 5 years and 48 bottles of whisky and, whatever your opinion, it has got a value.
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my opinion is that it sounds like a good deal for you and your mate. :thumb2

Was this open to anyone or did you have contacts?
 
Ronno said:
my opinion is that it sounds like a good deal for you and your mate. :thumb2

Was this open to anyone or did you have contacts?
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It was open to anyone, I read about the offer in a newspaper and decided to have a punt. The catch was that you paid money up front with no guarantees. If they had have gone bust we could have got nothing back, we had a certificate of ownership of the cask but what that would have been worth in the event of them going tits up, I don't know.

Here's a link to the article I read http://www.independent.co.uk/life-style/food-and-drink/features/whisky-galore-492699.html

It turned out well as far as I'm concerned, but it was a risk. Until September this year we just had a cask in a bonded warehouse and then they made the buy back offer that sounded like a fair one to me so we took it.
 
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Parky said:
Basically, the excise duty only becomes payable when the whisky leaves the bonded warehouse.

The deal was that they buy the cask back for £1000 plus 36 bottles, which I negotiated up to 48, 24 now and 24 in 5 years time. The bottling costs and excise duty on the bottles I get are covered by the distillery as part of the deal.

If I hadn't have wanted to sell the cask back I would have had to pay the bottling costs and excise duty up front at bottling time, which, if I remember correctly, was about £5 and £15 per bottle respectively, so the 260 bottles they estimated I would get from the cask would have cost me approx £5200 plus the original £895.

As I had no way of retailing 260 bottles, I took them up on their offer.
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Thanks for clearing up the duty question. I couldn't suss out who was paying the required dues at bottling.
 
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