VINEXPO / FRANCE: Bordeaux City Bond to aid fine wine storage
An alliance of wine firms, local authorities and logistics firms has launched a new storage facility to support Bordeaux's EUR6bn fine (US$8.4bn) wine export industry.
Bordeaux City Bond, which comes with a purpose-built 400,000-case capacity warehouse, has been launched as a private company at this week's Vinexpo exhibition in the city.
Formed in response to demand from Asian importers, as well as many French exporters, Bordeaux City Bond has been spearheaded by the city's Chamber of Commerce, in conjunction with Vinexpo and several logistics and freight companies.
The Chamber of Commerce has a 41% stake in the organisation, with Vinexpo taking 10%. The remaining 49% is owned by a collection of "trading and service companies", Vinexpo organisers said.
"Industry studies showed that an increasing number of big buyers are looking for goods storage capabilities close to wine-making sites that could guarantee an optimal ageing environment," Vinexpo said.
It added that those leading the initiative were influenced by the "sophisticated bonded warehouse industry" that has been operating in the UK for many years.
Storage at the Bordeaux City Bond warehouse costs EUR6 per case.
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