To our customers,
18 months ago we set out to build a marketplace for fine wine owners. Our mission was to introduce technology to an antiquated market, and in doing so, increase the efficiency of wine trading and provide a better deal for those of us who trade wine.
To some extent, we were successful. We built a technical platform, launched our iPhone app, collected unique price data and, most importantly, facilitated trades. Our buyers were able to source wine at great prices, and our sellers were able to get a better deal than selling through a traditional merchant.
In order to get this far, we had to overcome many challenges. Unfortunately, there are many more rocks in the road ahead (payments, logistics, the current depression in the market). As a small team with limited resources, operating in a niche market, we have taken a view that these challenges are not currently surmountable. For these reasons, we have made the difficult decision to close Vinetrade.
Starting today, we will begin shutting down our services and winding down the company. Our website has now closed, and we are not accepting any new trades. All trades in progress will be completed, payments made to sellers and wines transferred to the private accounts of buyers. We are working with Nexus Wine Collections to ensure that all clients who store their wine with us have their own, independent, account.
If you’re reading this and have any questions about our closure, an interest in our technology, or opportunities for the future, please do not hesitate to get in touch.
Finally, we would like to say a big thank you to everyone involved with Vinetrade for your support and for taking a chance on us.