Terms & Conditions

These Terms and Conditions are applicable to the supply of Products and Services by London Barrelhouse Limited to our Clients. The London Barrelhouse Terms and Conditions may change from time to time and the current version can be viewed at www.londonbarrel house.com

DEFINITIONS

‘Conditions’ or ’Terms’ – These Terms and Conditions and any relevant additional material to support the application of these Terms and Conditions agreed between the Client and London Barrelhouse.

‘Contract’ – The placing and acceptance of orders verbally shall form a Contract in compliance with these Terms, conditional upon our written confirmation of the order which will be by the provision of an Invoice to you and the completion of the Cooling off Period. Phone calls are recorded for training and contractual purposes.

‘Cooling off Period’ – Is the 14-day period that ends at the end of the 14 days after the day on which the Contract is entered into, within which the Client has the right to cancel the Contract. The Cooling-off Period will not apply if the Client expressly instructs or agrees for their Right to Cancel to end prior to the completion of the 14-day period should they wish the Services to begin immediately.

‘Client’ – A person or company with whom a Contract for the provision of Products and or Services is made by London Barrelhouse and to whom London Barrelhouse provides Products and Services and also referred to in these Terms as ‘you’ or ‘your’.

‘Delivery Date’ – The date that your Product is delivered to the Storage Facility organised by London Barrelhouse and where title is appropriated to you, or to your personal storage account.

‘Initial Term’ – The 5-year period from the completion of the Purchase of your Product.

‘Invoice’ – The order confirmation document for the Product and Services sold by London Barrelhouse to you.

‘Price’ – The Price for the Product and Services as recorded on the Invoice provided to you.

‘Product’ – The specific case(s) of wine and whisky described on the Invoice.

‘Purchase’ – The completed order once your payment has been received and cleared at our bank account.

‘Right to Cancel’ – The Client has the Right to Cancel an order for the Purchase of the Product and Services at any time during the Cooling off Period, without giving any reason and without incurring any liability.

‘Services’ – Means any delivery, storage and insurance in connection with the Product and the London Barrelhouse portfolio management service including the regular provision of market news and analysis.

‘Storage Facility’ – Refers to the HM Revenue & Customs regulated Storage Facility in the UK which London Barrelhouse uses to store the Product under bond on your behalf.

‘Storage Term’ – Also referred to as ‘the Initial Term’ – the period of 5 years from the date that payment for the Product and Services is received – for more information see London Barrelhouse Storage Terms and Conditions.

‘London Barrelhouse’ – London Barrelhouse Limited, registered office: Suite 1B, First Floor, 15 The Broadway, Woodford Green, Essex, IG8 0HL. Registered in England No. 11807599.

‘London Barrelhouse Administration Fee’ – Is the sum charged for the provision of the Services, see section 2 of these Terms for detail.

‘We’, ‘us’, ‘ours’ – Refers to London Barrelhouse.

ORDER

1.1 By instructing and agreeing to the Purchase and sending payment to us, you are accepting our offer to supply you with the Product and Services. The Contract is in compliance with these Terms, conditional upon our written confirmation of the order which will be by the provision of an Invoice to you and the completion of the Cooling off Period.

1.2 You may cancel the order within the Cooling off Period. In the event that you cancel the order after the 14-day period, you may be liable for a restocking charge of up to 10% of the outstanding amount. The restocking charge may be levied at London Barrelhouse’s discretion and where due must be paid within 7 days of cancellation.

1.3 London Barrelhouse has the right to cancel the order at any point prior to receipt of your cleared funds in our bank account if necessary. You will be advised of this requirement to cancel the order; the Contract will be cancelled and you will be offered alternative Products with no commitment to transact.

LONDON BARRELHOUSE ADMINISTRATION FEE

2.1 The London Barrelhouse Administration Fee is settlement for the provision of London Barrelhouse Products and Services for the Initial Term of five years. The London Barrelhouse Products and Services includes information about and sourcing of fine wine & whisky, the services of a dedicated portfolio manager to assist you in creating a collection of fine wine & whisky to suit your investment goals, the provision of investor news and reports, bonded storage and insurance and an annual valuation for your fine wine and whisky throughout the Initial Term. There is no charge for the resale of Client wine and whiskies acquired through London Barrelhouse.

2.2 The London Barrelhouse Administration Fee is 10% of the purchase price of the wine and whisky supplied by London Barrelhouse and is payable on Purchase.

2.3 If the Product remains in the London Barrelhouse arranged Storage Facility for longer than the Initial Term, then a nominal charge will be invoiced to cover the ongoing Services cost, see London Barrelhouse Storage Terms and Conditions for more information.

2.4 VAT will be charged on the London Barrelhouse Administration Fee only and any extended arrangements beyond the Initial Term in accordance with English Law.

PAYMENT

3.1 All prices quoted are in GBP per case, unless otherwise stated and agreed. The prices quoted are exclusive of UK VAT and Duty on the wine & whisky, these will become payable at such time that you instruct the wine & whisky’s removal from bonded storage, should you choose to do so. VAT is applicable to the London Barrelhouse Administration Fee and will be charged accordingly.

3.2 Payment for the Product is due 7 days from the day of receipt of Invoice.

3.3 Payment may be made by bank transfer, UK cheque or certain debit cards (Visa or Mastercard). All cards to be UK issued.

3.4 If Payment has been made and the Client subsequently cancels the order within the Cooling-off Period, full reimbursement will be made by London Barrelhouse at the end of the 14 days after the day on which the Client notifies London Barrelhouse of the cancellation of the Contract.

FAILURE TO PAY

4.1 In the unlikely event that payment is not made for the Product at the end of the payment term (see point 3.2 above) London Barrelhouse will remind the Client of the payment requirement. Should this then not be settled London Barrelhouse will have the right to retain the deposit and cancel the order in accordance with these Terms and Conditions.

DELIVERY

5.1 We will notify you of the expected Delivery Date of your Product into the Storage Facility, any indication as to when wine & whisky(s) will be available for delivery is an estimate only and not to be construed as binding. This will occur within 60 days of settlement of the Invoice.

5.2 We will arrange delivery of the Product to the Storage Facility.

5.3 London Barrelhouse will pay freight, carriage, insurance and other costs of delivery from the supplier to the Storage Facility.

STORAGE AND REMOVAL IN BOND

6.1 London Barrelhouse’s Services includes the arrangement of the storage and insurance of your Product on your behalf at the designated Storage Facility.

6.2 We will manage the administration of the storage of your Product for the Initial Term, including the storage and insurance costs.

6.3 The arrangements for the storage of your wine and whisky and the provision of the associated services after completion of the Initial Term are set out in point 3.1 below.

6.4 You will be provided with a Certificate of Ownership clearly stating your name, address, date and description of product purchased confirming ownership of your wine and whisky.

6.5 If at any time the Product is removed from the Storage Facility, whether following a sale or your request for the Product to be delivered to another storage facility, you will settle any necessary reasonable costs as notified for such removal. The cost of taking wine & whisky out of bond is available upon request.

6.6 We will notify you in advance of the costs of such removal and will be entitled to remove the Product from our insurance policy from the time it leaves the Storage Facility.

6.7 The risk of any damage or loss to the Product resulting from its removal as described in condition above will pass to you at the time the Product leaves the Storage Facility. You will be responsible for insuring the Product against damage or loss from this point unless the damage or loss results in negligence from the carrier or us.

6.8 If the Product is lost or damaged at the Storage Facility, the insurance policy will pay the lower of the replacement value or the market value of the lost or damaged Product.

6.9 Products acquired en primeur are stored at the Château/Producer’s premises until bottled and shipped to bonded storage.

6.10 You will be provided with a Certificate of Allocation clearly stating the details of the Product you have acquired, the anticipated Delivery Date to bonded storage, your name, address and individual account code to confirm ownership of the Product. The Certificate of Allocation is replaced by a Certificate of Ownership once the Product has been bottled and delivered to the Storage Facility.

6.11 We will pay all delivery, insurance and storage costs in connection with the Storage Facility for your Product for the Initial Term. If the Product remains in bond for longer than the Initial Term, then extended storage can be arranged, see point 6.12 below.

6.12 After completion of the Initial Term we can arrange to extend the storage and insurance of your Product at the Storage Facility along with the provision of the on-going services provided by your portfolio manager. The payment of the Management Fee at the outset covers all storage and fees for the entire period that you hold the stock. Therefore, should you hold your stock for longer than the initial term you shall not be subjected to any further storage or insurance costs.

DOCUMENTATION

7.1 Ownership of the Product will pass to you immediately following our receipt of cleared funds for the full payment of the Product and Services as set out within the Contract between you and us. We shall retain title to the Product until payment in full has been received into our bank account.

7.2 We will provide you with a Certificate of Ownership clearly stating the Date, your name, address and confirm ownership of the Product. Certificates will be issued on each and every product purchased and settled.

7.3 Products acquired en primeur will record ownership initially through a Certificate of Allocation to reflect the fact that the wine is still ‘in barrel’ at the originating château or producer’s premises. Once the wine is bottled and shipped a Certificate of Ownership will be issued to replace the Certificate of Allocation with the detail set out in point 7.2 above. You will then be able to visit the Storage Facility to view your wine and whisky.

SALE OF THE PRODUCT

8.1 You may sell your Product at any time, although we would caution that fine wine and whisky is generally a medium to long term investment and generally should be held for at least 3 – 5 years to see the best returns.

8.2 We will assist you with the sale of your Product on receipt of written instruction from you that you wish to do so and will use best endeavours to achieve the best price obtainable in the market at that time. Prior to sale we will agree a minimum sale price you would accept.

8.3 No commission will be charged by London Barrelhouse on the sale of Client wine and whisky acquired through London Barrelhouse.

AGENCY

9.1 You appoint London Barrelhouse to be your agent for the purpose of obtaining and retaining storage of the Product at the Storage Facility and in relation to the sale of the Product on your behalf.

MANAGED ACCOUNT TRADING

10.1 We undertake to manage this chosen account entirely. This account is a strategic way of taking advantage of the inefficiencies that exist within the marketplace culminating in intra-day/week trading on occasions using our network.

10.2 We initiate all buys and sells using our judgement.

10.3 All trades are executed in-house.

10.4 All clients are afforded a trading statement detailing their underlying holdings.

10.5 Each client can customise aspects of the trading style so as to include and exclude certain wines and or whisky regions. For more details, please liaise with your portfolio manager or write to London Barrelhouse.

NEW FILLED SPIRIT

On receipt by us of your payment in full, we shall fill a Cask (or, where more than one

Cask has been purchased; the appropriate number of Casks as detailed on the Order

Form) with Product from the next available batch of Product.

11.1 We will use reasonable endeavours to ensure that your Cask (or Casks) is filled at the earliest opportunity, however, the availability of Product is subject to change. We offer no warranty or guarantee as to the date upon which Product will become available to be filled into Casks.

11.2 Upon receipt of payment in full, a receipted Invoice shall be issued to you.

11.3 Until such time as Product becomes available and your Cask is filled, any payment

made to us will be treated as a “Loan” from you to us (the “Loan for stock production”).

11.4 No interest shall be payable by us on your Loan.

11.5 On the Filling Date, at the point when Product is filled into your Cask (or Casks), your Loan will be immediately treated as payment in full for the Product. Your rights in respect of the Loan shall be extinguished as at the Filling Date.

11.6 In the event that the Filling Date has not occurred by a reasonable period you shall

be entitled to demand repayment of the Loan. You shall not be entitled to demand

repayment of the Loan before a reasonable period has elapsed.

11.7 Ownership of the Product will not pass to you until the Filling Date when a stock

certificate (as detailed below) will be issued to you. Until that time you will be an

unsecured creditor of LBH Ltd and will have no title or right to any Product or other stocks owned by us.

11.8 Upon filling of your Cask (or Casks), a stock certificate and a display certificate

detailing the Cask number(s), capacity (expressed in litres of pure alcohol), strength

and Cask type will be produced in your name and issued to you.

11.9 In the event that a suitable Cask (or Casks) is unavailable at the time of filling, we will contact you to confirm other available cask types and agree with you the type to be

used. If we are unable to contact you, having used reasonable endeavours to do so, we

will select a suitable alternative and advise you of the same.

LIABILITY & WARRANTY

12.1 The nature of the Product and the fact that we are not involved in its production means that we do not give any warranty or make any representation as to:

(a) The suitability of the Product for you as a speculator in its future Price.

(b) The condition of the Product at any time.

12.2 We do warrant that:

(a) We will engage only suitably qualified and reputable third parties to provide the Storage Facility, and

(b) We will ensure that the insurance described in these conditions are provided only by reputable insurers, and

12.3 Our total aggregate liability to you for loss of or damage to the Product whether in transit or in storage is set out in point 6.8.

12.4 Our total aggregate liability to you for a claim arising out of or in connection with the Contract shall not exceed the Price paid by you for the Product which gives rise to the claim or liability.

12.5 Except as set out in these Conditions we will have no liability to you arising out of the Contract, whether the liability arises in Contract, tort (including negligence) from the statute or otherwise.

12.6 With reference to en primeur purchases, in the unlikely event that we are unable to supply wine purchased on your behalf en primeur, due to circumstances beyond our control, our liability will be limited to any monies paid to us by you in connection with the Contract.

AGE RESTRICTION

13.1 London Barrelhouse will not sell or deliver alcohol to anyone who is, or appears to be, under the age of 18. By placing an order with us you confirm that you are at least 18 years of age.

CRIME PREVENTION

14.1 For the purposes of the prevention or detection of offences, and/or the apprehension or prosecution of offenders, we may share information that we collect with the Police, other public or private sector agencies or representative bodies in accordance with the relevant legislation.

DATA PROTECTION

15.1 All data collected by London Barrelhouse is collected lawfully and maintained in accordance with the Data Protection Act 1998.

15.2 We will not pass your details to a third party without your permission, other than when necessary, during the fulfilment of our Services if appropriate.

15.3 London Barrelhouse may, from time to time, send information including industry news and events and exclusive deals by email. You can register to receive these at www.London Barrelhouse.com or by providing your email address details to a London Barrelhouse representative.

FORCE MAJEURE

16.1 London Barrelhouse shall not be liable for any delay in delivering your wine & whisky if that delay or failure is caused by circumstances out of our control such as war, riot, civil commotion, malicious damage, compliance with any law or government order, rule, regulation or direction, fire, flood, weather or Act of God, failure of ISP or telecommunications provider in connection with the terms of our Contract.

GENERAL

17.1 Description/Quality – We undertake the proper safekeeping and Storage of wine & whisky(s) in our possession and will act in good faith when purchasing wine & whisky but we will not be responsible for the state and condition of wine & whisky(s) or whether the wine & whisky corresponds to the qualities which might be expected from its description.

17.2 London Barrelhouse may make amendments to these Terms and Conditions from time to time for legal, regulatory or security reasons and will not use this right to vary the Terms of any special offer that applies to you.

CONTACT

London Barrelhouse Limited
Registered address: Suite 1B, First Floor, 15 The Broadway, Woodford Green, Essex, IG8 0HL

Email: enquiries@Londonbarrelhouse.com
Telephone: 0208 418 3540
Registered in England, Co. No. 11807599, VAT No. 317198686

GOVERNING LAW

These terms and conditions shall be governed by and construed in accordance with the laws of England and any disputes will be decided upon only by the English courts.

LONDON BARRELHOUSE DISCLAIMER

London Barrelhouse is not regulated by the Financial Conduct Authority (‘FCA’) and as such is not permitted to offer financial advice about regulated investments. We strongly encourage you to consult an FCA-registered Independent Financial Adviser (‘IFA’) before committing to any investment.

Investors are also strongly encouraged to carry out their own due diligence before committing to any investment. Individuals should carry out their own checks by inspection and by an appointed financial professional or otherwise.

You should be aware that the value of fine wine & whisky can go down as well as up, and no guarantees as to future performance or capital growth are given expressly or by implication. Investors should make themselves fully aware of the risks of market fluctuations in foreign currency rates and their own personal tax and tax relief circumstances.

No offers are in any way invitations to participate in a collective investment scheme as defined in the Financial Services and Markets Act 2000 (section 235) and as such buyers have no access to statutory or regulatory protections including the Financial Ombudsman Service and the Financial Services Compensation Scheme (‘FSCS’).