Provenance Company Profile

Based originally around the family hotels and restaurants in Woodstock, Adrian and Ian Lenagan have maintained a keen interest in the buying, storing, and selling of wine since the mid-1990’s and, since 2000, in the capital growth advantages of fine wine investing. This was formalised in 2008 with the inception of Provenance Fine Wines Ltd with Adrian Lenagan as Founder & CEO.

A founding Member of not-for-profit organisation the Wine Investment Association (of which Adrian is also a Director), Provenance concentrates on the business of investing in Bordeaux fine wines for capital growth and benefits from Adrian’s extensive research of the sector.

Provenance Fine Wines Ltd is a member of the Lenagan Family businesses which are involved in the Leisure and Hospitality, Software and Sport sectors.

Whilst not a formal Group of Companies, the Lenagan businesses all gain from the experienced involvement of key family members including extensive financial, operational, creative and management expertise.

The Company Secretary/Financial Director of Provenance is Nigel Hansford, a Chartered Accountant with extensive experience who is also Finance Director of Lenagan-owned Wigan Warriors Rugby League Club Ltd. Previously, Nigel was the Finance Director of Whelco Ltd, Dave Whelan’s £70m turnover Group of Private Companies and helped manage financially the transition of Wigan Athletic Ltd to Premiership status in 2005.

• Provenance Business Policy

  The absence of Capital Gains Tax means that fine wine investing can offer an excellent opportunity for capital growth. However, as with all growth opportunities, caution is important and the choice of supplier is paramount. Ultra-competitive purchase pricing is critical to optimise the investment opportunity, as is the accessibility of public price benchmarking and security of provenance. Professional storage, insurance and condition-reporting are an important part of the Service provided and an investment exit route is essential.

  Provenance Fine Wines Ltd prides itself on its adherence to all these high standards. Its ethical and price-competitive approach is demonstrated by its Affiliate Membership of the London International Vintners Exchange (“Liv-ex”) allowing Provenance clients access online to the published Average Price today of all named vintages of Bordeaux Fine Wines which they may have invested in or be considering investing in.

  In summary, Provenance offers to clients:

  • Competitively priced Bordeaux fine wines, below the Liv-ex Average Price inclusive of fees
  • Security of provenance of the Fine Wines supplied
  • A comprehensive and competitively priced storage, insurance and condition-reporting service
  • Full access to market/price reporting via Liv-ex linked internal database
  • A flexible investment exit route

• Details of Purchasing Services Provided and Fees

  Since Provenance generally concentrates on offering wines for capital growth rather than for drinking, the highest standards relating to the provenance of the wines on offer are retained.
  Similarly, fine wines on offer are attractively priced by Provenance for capital growth purposes with the target being a lower price, inclusive of fees, than the current Liv-ex Market Average price. That is the average price listed for the particular wine taken from all those Merchants offering it who are affiliated to the London International Vintners Exchange. Additional price benchmarking methods such as those provided by wine-searcher.com are also taken into consideration.

  Provenance Fine Wines Ltd is a full trading member of Liv-ex. Since its inception in 2001, Liv-ex has championed consistently an enhanced level of transparency across the fine wine sector assisting both consumers and those more focused on fine wine investment. Their analysis of the 2008 Bordeaux en primeur season in 2009 provided an informed, independent commentary on the traditional annual ‘dance’ between the major Bordeaux Chateaux, their negociants and Europe’s leading fine wine merchants.

  In addition to its Affiliate status, Provenance is a contracted Licensee of Liv-ex data whereby Provenance’s internal client database is updated every 15 minutes with current Liv-ex pricing information, made available to clients directly. Alternatively, clients can check prices independently via the Liv-ex website.

  Clients of Provenance pay a charge of 5% of the initial case purchase price which pays for all Client Services provided for that case. At time of purchase, £60.00 is payable for storage & insurance for five years at Provenance’s preferred, customs-bonded, professional wine-cellaring facility (Vinotheque Ltd) where wines are transferred into each Client’s own individual named account for which they have unique access/login details. The Client Services fee also includes the provision of full condition-reporting for each case of wine – carried out by Vinotheque personnel – comprising photographic record and full written description of the condition of each case and its contents.

• Details of Selling Services and Fees

  Various avenues are available at the Client’s discretion when the sale of fine wines is under consideration:

  • At Auction
  • On Liv-ex
  • Via the UK Wholesale Market
  • By Private Sale

  If wines are sold at auction, Provenance levies no charge since Auction Houses charge up to 15% selling commission. Sale via Liv-ex will incur a 5% fee to cover Liv-ex trading commissions and Provenance administration costs. All other avenues to sale which are successfully pursued by Provenance on behalf of the Client incur up to a 10% fee, dependent on volume. Clients, as the legal owner of each case of wine, are not bound to any Provenance recommendation and may choose to pursue methods of sale privately or release wines for drinking upon which VAT and duties are then payable.

  Full terms and conditions are available here.