The IWFS Wine Company

BACKGROUND

The IWFS Wine Company was registered on 3 January 2002 in the Cayman Islands.  It is financed by redeemable shares issued to the Branch members. Generally, members are invited to subscribe for shares after being a member of the branch for one year, and shares are mandatorily redeemed when membership in the Branch ceases for any reason.

The Company’s purpose is to acquire and store wine for functions organised by the Cayman Islands Branch of the IWFS.  It may also sell wines to members, usually through "bin-end" auctions.  The Company will not trade to make a profit in its own right and any net income will be credited to an undistributable reserve which the directors may use, at their discretion and subject to the passing of a special resolution, to redeem members share capital on a pro rata basis.

Wine is charged out to the Branch as it is used for specific events, at cost plus a margin to cover storage costs.  

BUYING POLICY

The initial inventory was acquired in 2002 when the Company bought an existing cellar of mainly red Bordeaux.  Since then the policy has been to buy:

1. .       A cross section of wines and vintages which are not normally available in the Cayman Islands
2. .       High quality wines which represent good value and which we can cellar until their optimum drinking window, giving members the chance to drink mature wines at their best.
3. .       “Tasting cases” which we can use for specific horizontal or vertical wine tasting events, many of which are tutored by members.   

 We usually do not buy non-vintage champagne or lower end wines which are designed for immediate drinking; these are bought-in for specific events as needed.

CURRENT INVENTORY

 An inventory listing can be found in the “Documents” section.

STORAGE

Wine is stored with Jacques Scott & Co and Vino Veritas in Cayman, and at Octavian Vaults in the UK.  The inventory is insured against catastrophic loss.