Royal Family's wine merchant to post first loss in recent memory
Berry Bros & Rudd is set to post a pre-tax loss of £7.3 million for the 2012-13 financial year as the 315-year-old wine merchant prepares to overhaul its business.
The Queen’s vintner will show that turnover also dipped 16% to £138 million in the year to March 31.
In the 2011-12 financial year BBRB posted a £1.4 million profit.
The financial accounts, due to be filed at Companies House this week, will show that it posted around £4m of exceptional items after an ongoing legal battle with its former wine distributor in Hong Kong.
As part of its overhaul the firm has also purchased wine agency Richard Walford & Co for £7 million and invested £3 million in opening fine wine companies in Asia.