Getting into the festive spirit, London wine merchant, Jascots has frozen the prices of its wines for on-trade clients.
Following the June vote, the GBP has fallen in value against major global currencies, with a 9% increase in the price of the Euro against the GBP and 14% increase in the price of the USD.
With prices increasing for imported food and beverages, Jascots has been working closely with suppliers with the aim of delaying and minimising the impact of the exchange rate to its clients.
With such an important time in the drinks trade calendar fast approaching, Christmas, wine merchants are deciding whether to pass the cost to the clients or cut their gross profit. Assessing costs such as reprinting new drinks lists and input costs for events that must have agreed prices months in advance, are both something wine merchants are needing to consider.
'With the important Christmas period approaching, we've made the decision to freeze our prices until the end of the calendar year,' said managing partner, Miles MacInnes. 'We hope that by doing this, we'll enable our clients to take full advantage of the business opportunities over the coming months.'
'Only when we have both the latest harvest information and foreign exchange rate, will we issue any price revisions,' concluded MacInnes. 'Jascots is dedicated to building a healthy and dynamic partnership with its customers. In these unsettling times, our team is more committed than ever to offering the very best service, products and pricing to the On-Trade.'