Atlas Fine Wines | Apr 16, 2014
Atlas Fine Wines Ltd. is setting a new industry benchmark for stock management to provide clients with an unprecedented degree of security and control. Against a backdrop of number of companies going into liquidation recently, Atlas has taken innovative steps to protect clients by establishing safeguards that set Atlas apart from its competitors.
Atlas has engaged with its clients on the topic of cellarage and stock security and has increased the level of security and transparency by establishing a complete set of new processes including:
- Storing Client stock records in escrow - Atlas’ lawyers, Fox Williams, hold in escrow complete stock records matching each client's account details to the wines they hold in their reserves;
- Introducing new levels of audit - Three levels of audit carried out by Vine International (out-sourced storage provider), Mazars (financial auditors) and Venners (independent stock auditing company);
- Clarification of lien over stock - Atlas has, through legal agreement, established that Vine International has no rights over Atlas' client's stock.
- Assessing client stock procedures - Harrisons, a highly regarded recovery and insolvency specialist, have signed a letter of comfort giving their opinion on the safeguards and procedures put in place.
The above safeguards are in addition to the features below, which have been in place from Atlas’ incorporation:
- Professional storage with Vine International – Client stock is stored in a temperature controlled and highly secured bonded facility under the management of a team of trained experts;
- Complete traceability – Each case of wine is assigned an Unique Identity Number upon receipt at Vine International;
- Transparency of condition of stock – Condition checks and photographs of client stock are provided at cost;
- Full insurance - Stock is insured at full market value using monthly Liv-ex Index prices.
As far as Atlas is aware, no other merchant has taken such measures to ensure the protection of the client's interests.
“We take custodianship of our client’s stock very seriously,” says Simon Larkin, Master of Wine and Managing Director of Atlas Fine Wines. “Storage is of considerable importance to our clients. We have therefore taken significant measures over and above the norm in order to protect our clients’ interests and provide an additional level of security.”
For additional detail on Atlas’ benchmark-setting practices, please read the full press release or contact: Hannah Van Susteren: +44 (0) 20 3017 2293 or on: firstname.lastname@example.org